Shares in the crisis hit UK telecom group Energis have risen by a third after speculation that its former chief executive Michael Grabiner is mulling a takeover bid.

The stock finished Monday up 30%, or 0.89p, to 3.89p. per share after having dived 76% lower late last week on news of a major restructuring push and a cash crunch.

However, the company's share value is still just a fraction of its peak in 2000 when it was 800p.

Shares in Colt Telecom and Thus also gained after having been dragged down by Energis' problems last week.

Speculation that Energis could be broken up has been rife after a company spokesman confirmed over the weekend that takeover approaches had been received, though none for the company as a whole.

Former Energis partner and the owner of a 37% stake in the group, National Grid, last week said it cannot be relied on for financial support.

Controversial

The Energis spokesman declined to comment on the speculation relating to a possible bid from Mr Grabiner through the private equity firm Apax Partners which he joined earlier this month.

At the time, Apax chairman Sir Ronald Cohen said that "there are a number of opportunities in the telecommunications sector and Mike's contribution, both in assessing these opportunities and in supporting the companies in which we have invested, will be substantial".

Mr Grabiner left Energis last May and will have extensive knowledge of the company.

But it is thought a bid would be controversial, given that he was in charge of the group when a serious of costly acquisitions caused its debts to balloon.

In a statement on its website, Apax Partners said it "may be engaged in discussions with a thousand companies around the world.

"While it is our policy to be as constructive as possible in our media relationships, we do not, as a matter of policy, comment in any way on discussions we may or may not be having until such discussions are a matter of public record."