Pub operator Urbium, owner of the Tiger Tiger bar chain, has received an offer of more than £10 per share in a proposed takeover which would value the group at around £114m.

Private equity firm Electra Partners is believed to be in exclusive talks to buy the pub group for £10.75 per share.

Urbium, which operates 34 bars, has effectively been up for sale since Regent Inns approached the group several times earlier this summer.

Regent pulled out of the auction on 18 July, after Urbium rejected its final offer of 975p a share, which valued Urbium at £101.1m.

Numis Securities has since been assessing indicative offers made for the group and Urbium has announced that a preferred party has been chosen following the evaluation of second stage offers.

Urbium’s share price stood at 1007.50p on 15 August. Details: www.urbium.com