US financial transaction technology vendor TNS says it is opening its books to a group of prospective buyers led by company founder and former chief executive John McDonnell.
Last month McDonnell offered $20 per share for the company, backed by private equity firm ABRY Partners. The McDonnell family and ABRY Partners currently own around five per cent of the company.
The December bid was lower than an earlier $22 per share offer that McDonnell made in March last year, which was rejected by the company in August.
In a statement, TNS says it plans to provide the McDonnell group with confidential access to financial information but also requires the prospective buyers to submit a best and final offer for the company by late January which must include financing information and a draft of a merger agreement.