Towry has raised its offer for acquisition of wealth manager Ashcourt Rowan by 24% to £120m to thwart rivals bid.
The deal price is raised amid concerns over whether the deal would receive backing from Ashcourt Rowan shareholders.
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Towry agreed to acquire Ashcourt Rowan for £97m in February. Under the initial terms of the offer Towry agreed to pay Ashcourt Rowan shareholders £2.70 in cash per share in addition to 5 pence as a principal amount of loan notes.
Following the change in offer, Ashcourt Rowan shareholders will now receive £3.33 in cash as well as a principal amount of 16 pence in new loan notes per share.
The new offer is binding, subject to approval from the Financial Conduct Authority.
Ashcourt Rowan chairman Hugh Ward said, "This move by Towry brings an end to the uncertainty any disruption to the business by the delivery of hard irrevocable undertakings to vote in favour of the deal and therefore an ensured outcome."
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By GlobalDataIn a separate move, Ashcourt Rowan ‘s two investment directors, André Girault and Timothy Dickens and financial planner Kerry Saunders are exiting the company. The trio joined Ashcourt Rowan last August.
Girault and Dickens joined the firm from HSBC Global Asset Management where they were designated in the role of directors within the firm’s discretionary wealth management unit.
Before HSBC, Girault served in portfolio management at Redmayne-Bentley Stockbrokers following an earlier stint at Killik & Co.
Saunders earlier served as an independent financial adviser at PFM Associates.
