Jarvis gets bid approach

JARVIS, the rail maintenance group, saw its shares jump to their highest level in over a year yesterday, after saying it had received a tentative approach from a potential buyer.<br /><br />Shares in the group rose as high as 27.23p, having mostly limped along at below 20p since a profits warning was issued by the board in November 2007.<br /><br />&ldquo;The Board wishes to emphasise that although a tentative inquiry has been made about a possible offer, the inquiry is extremely preliminary in nature,&rdquo; Jarvis said.<br /><br />The group, which is chaired by Steven Norris, stressed that there was no certainty that any approach offer would be forthcoming.<br /><br />In July, Jarvis replaced its chief executive as it said one-off restructuring and redundancy costs had pushed it to an annual loss of &pound;6.3m, compared with a &pound;4.5m profit a year earlier.