Numis Corporation PLC (AIM:NUM) became the latest independent investment bank to bite the dust after it agreed to be bought by Deutsche Bank for £410mln in an all-cash deal that values the shares at 350p each.
The takeover has the backing of the board and a significant slug of its investor base, including the Danish retail billionaire Anders Holch Povlsen, who will walk away with £88mln.
Numis’ exit follows the merger of finnCap and Cenkos, brokers and advisors to hundreds of UK small-caps, as City fundraising and IPO activity continue to dry up.
Of course, neither side alluded to the difficulties in the capital markets. For Deutsche, the transaction is Global Hausbank strategy aimed at delivering sustainable growth.
Numis chairman, Luke Savage, said: “Together with the strengths of Deutsche Bank, we are confident the business will be even better positioned for the future, continuing to accelerate the delivery of exceptional outcomes for all stakeholders of our business."
Deutsche’s offer includes two planned dividend payments and represents a 72% premium over Numis’ closing price.
The last time the shares were around this level was in the middle of 2021, when the UK bank was at the centre of a fundraising boom.