Evolution has agreed a bid from Investec and this leaves a question mark over the future of its broking business.
Canaccord Financial Inc has withdrawn from the bid battle leaving Investec in a strong position to succeed with its all share bid for Evolution. The offer of 0.23124 of an Investec share for each Evolution share. One the day of the bid this valued each Evolution share at 100.24p and the company at £233.2m.
Investec is most interested in the Williams de Broe wealth management business but it says that Evolution Securities will also benefit from being part of a larger group. If Evolution Securities is merged with the Investec investment banking business then there are likely to be redundancies.
Download the September 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFSeptember2011_24.pdf
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