Getronics, the Dutch IT group, on Monday unveiled a €766m ($1bn) cash offer from KPN, the Netherlands’ largest telecommunications group.

Shares in Getronics opened almost 20 per cent up at €6.11 and closed at €6.25, after KPN said it intended to pay €6.25 a share and would also make offers for Getronics’ unsubordinated convertible bonds and preference shares.