(Bloomberg) -- Talktalk Telecom Group Plc said it received a preliminary non-binding offer from Toscafund Asset Management LLP of 97 pence per share to take it private, valuing the company at about 1.11 billion pounds ($1.4 billion).

TalkTalk’s board has agreed to consider the proposal, the company said in a statement Thursday. Toscafund is required to make a formal offer or drop the approach by Nov. 5, according to U.K. takeover rules.

Shares of TalkTalk, an internet service provider, jumped almost 18% to 97.5 pence on the news, slightly exceeding the offer price, marking their biggest intraday gain for eight years.

A spokesman for the company declined to provide further comment. A representative for Toscafund did not immediately respond to requests for comment.

Toscafund is the company’s second-largest shareholder behind TalkTalk co-founder and chairman Charles Dunstone. The London-based investment fund already owns 29% of the company, slightly less than Dunstone’s 29.9%, according to data compiled by Bloomberg. A further 11% is owned by co-founder David Ross.

TalkTalk rejected a 135 pence-per-share approach from Toscafund last year. The stock has lost more than half its value over the last three years.

Salford, England based-TalkTalk has 4.2 million customers, according to its latest annual report. It uses the infrastructure of other networks, mainly BT Group Plc, to sell consumer and business broadband.

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