Tullett Prebon shares climb on bid approach news

Terry Smith's Tullett Prebon has jumped around 17% after confirming market speculation about a takeover by saying it was in talks with a possible bidder. Although it described the discussion as preliminary, the interdealer broker's shares have jumped 52.6p to 362.8p, valuing the business at around £780m. A number of names have been linked with a takeover, including Australia's Macquarie Group, Bank of China and New York based GFI Group. Earlier this week Tullett's shares came under pressure after it unveiled a 1% rise in full year pre-tax profits to £157m.