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Evolution receives several approaches

Tue, 16th Aug 2011 12:29

Multiple bidders are now stalking Evolution, the stockbroker has confirmed, causing its shares to jump 10%.On 4 August South African banking giant, Investec, announced it had made a preliminary offer for Evolution.On Tuesday Evolution released a statement confirming "that it has received approaches from a number of other parties interested in either part or the whole of the company". "All approaches are at a very early stage and the board is far from certain as to the terms of any potential offer or that any will ultimately result in an offer being made," it said.Investec's bid was made subject to a number of pre-conditions including obtaining a unanimous recommendation from the Evolution board and the satisfactory completion of certain due diligence requirements. Investec said it reserved the right to waive any or all of its pre-conditions. "Further, Investec also reserves the right to vary the form and / or mix of consideration and / or introduce other forms of consideration," it said in a statement.