Acquisition of Thesis edges closer

Acquisition of Thesis edges closer

Bibco is closing in on the acquisition of Thesis Asset Management, having received valid acceptances of 85 per cent of the existing issued share capital.

The offer, which is still under consideration, is subject to a condition that Bidco receives valid acceptances in respect of not less than 90 per cent, with terms. 

In a statement the firm declared: “In view of the level of acceptances received, Bidco has decided to declare the acceptance condition satisfied and the Offer is therefore now unconditional as to acceptances.”

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Bibco was formed specifically to acquire Thesis, and followed through with a £47m bid for the asset manager a few months back.

Thesis is a regional private client asset management business that offers financial advice and investment management services.

Total funds under management at the company are in the region of £2.27bn and funds under administration within the authorised corporate director business, Tutman Ltd and Tutman LLP are recorded as being £10.49bn.

At the time of the bid Daniel Mytnik, co-founder of Bidco, said: "We have followed the development of Thesis for a long time and appreciate all that it has achieved to date. We see great potential in the business and believe that it will benefit greatly from the support of the strong funding partners that the acquisition will bring to Thesis."