Bain capital are in ‘advanced talks’ to take Esure (LON:ESUR) private, with a £1.2 billion bid on the table.

Insurance firm Esure confirmed it had received an unsolicited offer from Bain Capital, a private equity firm.

The proposed bid of 280p a share would mean a 37 per cent boost on the closing price of 204p on Friday.

Esure said in a statement: “The board of Esure group notes the recent movement in its share price and confirms that, having received an unsolicited proposal from Bain Capital Private Equity, and its affiliates, it is in the advanced stages of discussing a possible offer for the entire issued and to be issued share capital of the company by Bain Capital.”

Bain have until 5PM on on September 4th to reach a decision on the proposed deal.

The company, which owns Shiela’s Wheels, has been the subject of takeover speculation for some time.

This was renewed back in January, when the company announced the unexpected departure of long-time chief executive Stuart Vann, after five years at the helm.

Esure have yet to announce a replacement for Mr Vann, more than six months on.

Currently, chief financial officer Darren Ogden is taking over the role on an interim basis.

Shares in Esure are currently trading up +31.57 percent as of 13.59PM (GMT), as the market reacts to news of Bain Capital’s approach.