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Investec in recommended £233.2 mln share offer for Evolution Group

Published: 08:46 09 Sep 2011 BST

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Investec PLC (LON:INVP) announced it is making a recommendended share offer for Evolution Group PLC (LON:EVG), valuing the investment bank and broker at £233.2 million.

Investec had approached Evolution in early August with an expression of interest, which in mid-August was confirmed by Evolution, along with the disclosure it had received interest from other parties for the whole or part of the business.  
The value of 100.24 pence for each Evolution share represents a premium of approximately 44.7 percent to the average closing mid-market price of 69.2 pence per Evolution share over the three month trading period to August 2 2011 - the last business day prior to the commencement of the offer period.

Evolution shareholders Blackrock Investment Managers and Majedie Asset Management have already pledged their combined 11.7 percent shareholding to the deal, and Investec also expects to receive a letter of intent from Aberforth Partners which hold approximately 11.8 percent of Evolution.

In a separate statement today, Canaccord Financial Inc said it has decided not to make a firm offer for Evolution. It had confirmed in mid-August that it was in preliminary talks regarding a potential offer for the entire share capital.

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