British media group Emap is considering a sale or break-up of the company after its underperforming shares and the departure of its chief executive attracted unsolicited suitors.
Emap, which owns magazines FHMand Graziaand radio stations Magic and Kiss, declined to say on Friday who approached it or which parts of the business they wanted to buy.
The shares jumped as much as 16.5 per cent to 885 pence on the announcement, with many analysts suggesting the company is worth no less than £10 a share and as much as 12 or 13.
Emap has become an increasingly popular target for break-up speculation following a string of profit warnings, the sale of its French business, the hiring of two top consulting firms to review the business and the departure of CEO Tom Moloney.
The firm also recently sold its Irish radio stations and half its music television arm.
Executive chairman Alun Cathcart said in May Emap had not received any approaches and expected to remain independent.
The shares have continued to under perform the UK media sector by around 11 per cent since the start of the year. They closed at 763.5 pence yesterday, valuing the business at about £1.7 billion.