Ascential PLC on Tuesday said it could accept a bid proposal from Informa PLC which values the firm at around £1.16 billion.

Ascential, the London-based events, subscription business and advisory services-focused company, said the cash proposal values each share at 568 pence.

The latest plan follows a number of approaches by Informa, the London-based business information publisher and events organiser, in recent months, Ascential said.

‘Having carefully evaluated the proposal, the board is engaged in advanced discussions with Informa regarding the proposal and confirms that it has informed Informa that it is minded to recommend the proposal,’ Ascential said in a statement.

Informa has until close of play on August 20 to formalise a bid for Ascential or walk away.

Shares in Ascential leapt 45% to 540.00 pence in London, spiking shortly before the close. Informa closed down 0.1% at 847.00p.

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