Financial news provider Reuters Group has confirmed it has received a preliminary takeover approach from an unidentified party.
News of the bid sent its shares up more than 25 per cent.
"The board of Reuters confirms it has received a preliminary approach from a third party which may or may not lead to an offer being made for Reuters," Reuters said..
"There is no certainty an offer will be made or necessary approvals, including those required under Reuters constitution, will be received."
Under Reuters ownership structure, no shareholder may own 15 per cent or more of Reuters shares and a single golden share held by the Reuters Founder Share Co can block a hostile bid.
The Reuters Founder Share Co is run by 15 trustees, charged with ensuring the "independence, impartiality, integrity and freedom from bias" of the global news organisation. An agreed bid would be possible, however.
Traders earlier reported market speculation of a
600-pence-a-share bid from Canada's Thomson Corp or Rupert Murdoch's News Corp.