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Rather than issue a press release denial, fund supermarket Cofunds took to Twitter to deny it was in the market for a buyer today.

The Twitter rebuttal was then taken by Reuters as a sign that a possible deal was in doubt, despite an admission in the Reuters story that the account was unverified.

Rumours had been circulating that a takeover was likely after The Sunday Telegraph reported that British insurer Legal & General had made an approach for the fund supermarket. The story also stated that any possible deal with Legal & General could be subject to a counter offer from private equity house Bridgepoint.

At around 1pm today (GMT) the company tweeted: 'Lots of speculation today, but the Cofunds board is not looking to sell the business.'

'Cofunds believes the best way to achieve long term value is to deliver the strategy which we have been articulating over the last few weeks,' subsequent tweets from the account said, adding that 'it's very much business as usual.'

Legal & General already owns a 25 per cent stake in Cofunds and is moving to build out its own fund platform, the newspaper said.

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