Last checked at 
(Alliance News) - Wealth manager and financial advisor Frenkel Topping Group PLC on Wednesday said it has made an approach to acquire NAHL Group PLC.
A filing on Wednesday showed that Frenkel has snapped up a 6.1% stake in the Northamptonshire-based legal services provider after acquiring 2.8 million NAHL shares on Friday.
NAHL shares were up 16% at 56.42 pence each in London on Wednesday afternoon, giving it a market capitalisation of GBP26.1 million. Frenkel's stock was up 3.2% at 49.00p, valuing the company at GBP53.0 million.
Frenkel said: "Frenkel Topping believes that there is a clear strategic, operational and financial rationale to combining these two complementary businesses that focus on providing excellent professional support to the victims of life changing injury, incident or clinical negligence. Frenkel Topping believes that a combination would be compelling to both sets of shareholders and to the broader stakeholders of both companies."
Frenkel noted it is yet to receive a response from the company but did note that shareholders Harwood Capital LLP have backed the potential takeover. Harwood and client Oryx International Growth Fund Ltd hold roughly a 13% stake in NAHL.
NAHL on Wednesday said: "The board of NAHL is considering the proposal together with its advisers and a further announcement will be made in due course. Shareholders are advised to take no action at this time. There can be no certainty that an offer will be made nor as to the terms on which an offer might be made."
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
