Tavistock has shunned a potential takeover attempt by Jersey-based fund firm TEAM.
The firm had made a confidential offer to Tavistock Investments, bidding a premium of 2.50 pence per ordinary share based on the share price at that time.
The offer covered all issued and to-be-issued ordinary shares of Tavistock. Based on the bid price, this offer was equivalent to a total equity value for Tavistock of £15.2m.
TEAM had also requested engagement with the board of Tavistock and for the due diligence process to begin.
As of March 15, TEAM was notified by Tavistock that the firm would not be engaging with the potential buyers or providing access to due diligence materials.
In a regulatory filing published this morning (March 23), TEAM stated: “The board of directors of TEAM believes that Tavistock shareholders deserve the opportunity to decide on the merits of any offer, and that if an approach is made in good faith, the Tavistock board should act in the interests of its shareholders by engaging with the potential offeror and not deny its shareholders this opportunity.”
TEAM, which went public on March 8 and raised £7.8m, is aiming to become an internationally recognised asset and wealth management group through consolidation.
Jon Yarker is a freelance reporter for FTAdviser