London, Feb 16, 2026, 14:50 GMT — Regular session
- JTC shares up 0.15% at 1,294 pence, with trading still anchored below the 1,340p cash offer
- JPMorgan disclosed total exposure rose to about 6.29%, largely via derivatives
- Vanguard reported a 5.07% holding under UK takeover rules
JTC shares edged higher on Monday, moving in a tight range as a fresh batch of takeover-related filings hit the tape. The stock was up 0.15% at 1,294 pence by 14:34 GMT, after trading between 1,292 and 1,296 pence. (London South East)
The Jersey-based professional services group is in an offer period after agreeing to a recommended cash acquisition at 13.40 pounds per share (1,340 pence), which it said is expected to complete in the third quarter of 2026, subject to regulatory approvals. In an earlier update, chief executive Nigel Le Quesne said: “We were pleased with our progress during 2025, including another record year of new business wins”. (JTC)
That matters now because the stock has been trading like a deal instrument, not a growth story. Investors watch the gap to the offer price and look for any hint that approvals are speeding up — or slowing down.
A TR-1 major holdings notification showed JPMorgan Chase & Co’s total position rose to 6.286% as of Feb. 11, from 6.156% in the previous notification. The filing broke that down into a smaller direct shareholding and a larger slice through financial instruments such as cash-settled equity swaps, derivatives that track the share price without direct ownership. (Investegate)
Vanguard, in a Form 8.3 disclosure under the UK Takeover Code, reported an interest of 8,742,207 shares, or 5.07%, as of Feb. 13. It also disclosed small dealings, buying 2,400 shares and selling 14,004 shares at prices around 12.90–12.92 pounds. (Investegate)
JTC provides fund, corporate and private wealth services to institutional and private clients, with operations split between its institutional and private client divisions. (Reuters)
At 1,294 pence, the stock sits about 46 pence — roughly 3.4% — below the 1,340 pence cash offer. Traders typically read that spread as a mix of time-to-close, funding costs and the risk that sign-offs take longer than expected.
More disclosures are likely as banks, asset managers and event-driven funds adjust positions around the bid. For the market, the signal is less about who holds the stock and more about whether the spread compresses as milestones pass.
But the downside is simple: if approvals drag or the deal timetable slips, the gap can widen quickly. And if the transaction fails, the shares lose the offer’s floor and would have to reprice on fundamentals.
Investors next watch for any update on regulatory clearances and the timetable; JTC is due to report full-year results on April 7.
