British marketing services group Chime Communications said its Chairman Lord Tim Bell, along with certain other senior executives, plans to buy some businesses within its public relations division.
Chime, which provides services in public relations, advertising and sports marketing, said its board agreed that Lord Bell could go ahead with the potential deal.
Lord Bell, who was an adviser to Margaret Thatcher when she was Britain's Prime Minister, co-founded Bell Pottinger -- one of Chime's public relations arms -- with the company's Deputy Chairman Piers Pottinger.
No proposal has yet been made and there can be no certainty that a proposal which the board can recommend to shareholders will be forthcoming, Chime said in a statement.
Chime's shares, which have gained about 28 percent in value over the past month, were trading up 2 percent at 221 pence at 1415 GMT on Tuesday on the London Stock Exchange.
(Reporting by Anirban Sen in Bangalore; Editing by Joyjeet Das)