Evolution given Panmure bid deadline

The Takeover Panel has told broker Evolution that it has until 5pm on 28 October to make a firm bid for Panmure Gordon. Fully listed Evolution has said that it is interested in buying its AIM-quoted rival but has put no firm proposals on the table. If it does not make a bid by the deadline it will have to say that it has no intention of making an offer. That would mean that Evolution would not be allowed to bid for Panmure for six months - unless it is an agreed bid. Qatar's QInvest is the main shareholder in Panmure and Evolution would need its backing in order to succeed in any bid. At 29.5p a share, down 2.5p, Panmure is valued at £42.8m.