BT in £64m offer for Tikit

BT has agreed to pay £64.2m for Tikit, an IT group that mainly works with law and accountancy firms.

Tikit's stock jumped 17 per cent to 413.5p, below the 416p a share BT is offering, as the board backed the deal. Investec advised Tikit, while Bank of America Merrill Lynch acted for BT. Gavin Patterson, BT Retail's chief executive, said: "Tikit represents a highly complementary fit with BT Retail."