Rare stamp merchant Stanley Gibbons has confirmed it is exploring a sale after confusion emerged over its status during the weekend.
The 161-year-old business said last week that it had received an unsolicited takeover bid from Disruptive Capital Finance, a fund run by former Boris Johnson advisor Edi Truell.
Disruptive issued a statement on Monday saying it is "not making an offer", but had been in discussions with Stanley Gibbons "for some time".
Gibbons has now announced the appointment of FinnCap to handle a review which could include a sale, and said it expects to invite other offers over summer.
Shares were down 12 per cent this morning to 11.2p following Disruptive's clarification that it had not made an offer.