Private equity firms target Micro Focus

Shares in Micro Focus International jumped 8 per cent after the IT company received approaches from two private equity firms.

The mainframe specialist, whose clients include Tesco and Boeing, warned about profits in February and lost its chief executive last month. It said yesterday it was exploring several approaches, including from Bain Capital and Advent International of the US.

Its shares rose 28.8p to 398.6p, valuing Micro Focus at £788m.