RE: Takeover28 Jun 2014 18:26
No matter, done it! Here....
It has been widely reported that AJ Gallagher is in exclusive acquisition talks with Hume Capital Plc formerly Xcap Securities and a deal is expected in the coming weeks. It is understood that there are others interested in the business, including Marsh and Towergate, but they are someway behind Gallagher in terms of finalising a deal. The acquisition would follow the high-profile deals Gallagher struck last autumn for brokers Giles and Belmont. The Giles acquisition alone pushed Gallagher into a market-leading position, with the newly combined operation boasting some 70 offices and 3,100 staff across the UK.
According to Humes last filed annual report, their revenue increased 22% to GBP3.5 million.
It is thought that David Taylor, an existing shareholder of Hume who has worked closely with the new finance director,is keen himself to own Hume and recently took a 20.44% stake in the company will fight for the ownership of the company and fight the muted 3p share offer that is rumoured to be on the table.
Neither Gallagher nor Oval have made any direct comment upon these rumours.