London-headquartered broker Alexander David Securities Group (LON:ADS) has confirmed that it is indeed in takeover discussions with Hoodless Brennan, the parent company of HB Markets, after it was reported by the media.
The company said the negotiations “may or may not lead” to a takeover offer made for Hoodless Brennan, which will be subject to the completion of the due diligence process. The potential acquisition would constitute a reverse takeover under the AIM Rules for Companies and would be subject to shareholder approval.
Trading of shares in Alexander David on the AIM market on the London Stock Exchange has been temporarily suspended