(Alliance News) - IntegraFin Holdings PLC on Wednesday noted Edinburgh-based financial wrap platform Nucleus Financial Group PLC confirming it has received separate proposals from IntegraFin and Epiris LLP.
IntegraFin later added: "As part of our strategic planning, we regularly consider potential acquisition opportunities. In the light of this, we are currently in the early stages of reviewing the strategic and financial merits of a possible acquisition of Nucleus."
IntegraFin said any offer is likely to be made in cash.
"We have a high hurdle for taking opportunities forward. Therefore, there can be no certainty that we will proceed with our discussions and make a formal offer to acquire Nucleus, nor as to the terms on which any offer might be made," IntegraFin added.
Discussions between Nucleus and the respective parties are ongoing, Nucleus noted.
It continued: "Nucleus understands that Sanlam UK Ltd, which owns approximately 52% of Nucleus's issued share capital, is supportive of the Nucleus board engaging in potential offer discussions and the company intends to work constructively with Sanlam UK Ltd to ensure that the interests of all shareholders are properly considered."
Shares in Nucleus closed 39% higher in London on Wednesday at 185.00 pence each. IntegraFin advanced 2.2%, ending at 511.00p.
By Paul McGowan; paulmcgowan@alliancenews.com
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IntegraFin Holdings (IHP)