An ‘approach’ to discuss the acquisition of Vantis valued the business at up to £115m, with speculation centred on Tenon as the likely suitor.

Full details have not been made public, with Vantis declining to elaborate on its disclosures from last week, and Tenon not commenting.

Vantis made the approach public last week following a period in which the firm’s share price made significant gains.

It is understood that the valuation was reached by combining Vantis’ market capitalisation of £60m, with a 30% premium and the company’s long-term debt of around £37m.

Sources close to the discussions believed there was ‘room for further consolidation in the market,’ but Vantis’ current posture was more as a buyer than a company that is bought.

Vantis’s statement to the markets confirmed that it ‘received an unsolicited, very preliminary all share approach’. The statement said the board did ‘not believe’ the approach was in the ‘best interests’ of shareholders. The following day, Vantis reiterated the approach was rejected and that discussions had ceased.

Sources said the discussions did not involve a formal offer.

Vantis is understood to be attractive at the moment because 20% of its revenues come from business recovery, a counter-cyclical service line that performs well in a downturn. Tenon recently bolstered its corporate recovery business by acquiring of Haines Watts Business Recovery. Vantis’ share price has risen by 30% since the end of April and was trading around 120.5p as Accountancy Age went to press.