No Evolution bid for Panmure

Evolution says that it has decided not to bid for fellow broker Panmure Gordon. Evolution says that it reviews Panmure's interim results and subsequently made an indicative conditional proposal to Panmure's board. That proposal was rejected and Evolution does not believe that further discussions are worthwhile. Panmure says that it was the unanimous view of the board that Evolution's proposal was not in the interests of the company or its shareholders. Panmure's largest shareholder, Qatar-based investment bank QInvest, had asked Lazard to advise it on its options. Shares in Evolution rose 4.5p to 88.5p following the news. In contrast, shares in Panmure fell 2.5p to 28.5p.