TalkTalk has confirmed it has received a takeover bid Toscafund Asset Management LLP.
The 99p per share offer would value the firm at £1.1 billion.
Shares in the firm climbed 16% in early trading.
In order for the bid to go through, Toscafund would need the support of founder Sir Charles Dunstone who holds 30% of the company. Toscafund, which reportedly made an early bid last year, already holds a similar stake.
In a statement the broadband provider said the Board has considered the terms of the Proposal and had agreed to talk to Toscafund further following discussions with its advisors.
