Cheshire-based wound care specialist Advanced Medical Solutions said it had rebuffed a takeover approach from would-be suitor Consort Medical.

AMS said in a stock market statement, “We received an approach with a subsequent verbal indication of a possible offer price, but we turned it down”.

AMS added, “Since our decision, we have not received a revised approach or any formal written offer form Consort”.

“The board of AMS advises shareholders to take no action at this stage. Further announcements will be made as appropriate”, the AMS statement added.

AIM-listed Advanced Medical Solutions' shares rose steeply by 21.5 percent, or 7.25p, to 41p after the announcement, giving it a market value of nearly £60m, before settling at 38.25p, up 13.33 per cent.

A statement by Consort said, “Consort Medical notes the recent movement in Advanced Medical Solutions' share price. Consort confirms that it has made an approach which may or may not lead to an offer being made for AMS”.

Consort Medical, based in Hemel, Hempstead, which owns an inhaled drug delivery division and a U. S-based business that makes disposable airway products, confirmed earlier on Friday that it had made an approach to AMS, and talks were “at an early stage”.