IT recruiter FDM is in discussions with members of its management team about a possible offer for the company.

In a statement issued to the Stock Exchange, FDM says that Ivan Martin, David Templeman, Sheila Flavell and Andy Brown are in discussions with the company about a possible 120p per share cash offer.

The statement continues: “It is anticipated that any offer that is forthcoming will be funded solely by funds managed and advised by Inflexion Private Equity Partners, the management team’s selected funding partner.” 

An independent committee of the board of FDM comprising Karl Monaghan, the sole independent director, has been formed to evaluate the possible offer and has granted the management team and Inflexion permission to commence detailed due diligence into the company.

An FDM statement said: “While discussions are well progressed, there can be no certainty that an offer will be made for the company.”

As Recruiter went to press, FDM’s share price had risen to 112.5p, a 52-week high, and up 13.6% on the previous night’s closing price.