(Alliance News) - Alpha Financial Markets Consulting PLC on Wednesday confirmed it had received a bid proposal from Bridgepoint Advisers Ltd worth around GBP580 million.

The Paris-based asset and wealth management and insurance consultancy said the non-binding indicative offer from Bridgepoint is worth 505 pence per share.

At that level, Alpha said it was "minded unanimously to recommend the proposal" to shareholders should a firm bid be forthcoming.

Shares in Alpha Financial Markets Consulting were 22% higher at 477.50p in London around midday Tuesday.

Bridgepoint has until Thursday to outline its intentions.

In May, Alpha said BridgePoint was considering making a cash offer.

It said Cinven Ltd was also "considering a possible offer", but has not yet submitted any indicative proposal.

By Jeremy Cutler, Alliance News reporter

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