Shares in Iomart rose by as much as 10 per cent after it knocked back a possible takeover.

The Glasgow company said it had been approached with bids of 275p per share and 285p per share by Host Europe Holdings, which is owned by private equity firm Cinven.

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Iomart said its independent directors felt the approaches undervalued the company.

Host Europe, which has its headquarters in London, now has until 5pm on August 21 to make a firm offer or walk away.

Shares were up 18p at 253p at 4pm.