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(Alliance News) -Â Life and pensions company Irish Life is mulling a bid to buy stockbroker Davy, despite having been ruled out of the running in recent weeks, The Sunday Times reported.
The Sunday Times has learnt that the insurance firm, which is owned by Canada's Great-West Lifeco, remains part of the bidding process. Final bids for Davy are due on Friday.
If Irish Life makes a final bid, it is likely to face competition from Bank of Ireland Group PLC and Tilney Smith & Williamson. Sources said that up to six interested parties emerged from the first round of bidding, The Sunday Times reported.
https://www.thetimes.co.uk/article/irish-life-eyes-dramatic-bid-for-davy-g30jf3b56
Davy was put up for sale in March as it faced fallout over its fine for breaching rules surrounding a bond deal in 2014.
A state body withdrew the company's authority to act as primary dealer in Irish government debt.
On March 1, the Central Bank of Ireland reprimanded and fined Davy EUR4.1 million in respect of breaches of the European Communities (Markets in Financial Instruments) Regulations 2007 that occurred over different intervals between July 2014 and May 2016.
By Lucy Heming;Â lucyheming@alliancenews.com
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