Canaccord Financial has made a £253.5m offer to buy financial advisory group Collins Stewart Hawkpoint, marking another step in the consolidation of independent brokers.
The deal values shares in Collins Stewart at 96p which is a significant premium to the 51p share price before the offer was announced. If approved, shareholders will receive 60 per cent of the offer in cash and the rest in Canaccord shares. The offer, which will see most of the Collins Stewart board being offered new posts in the combined operation, has been recommended by the board but will require shareholder approval.
On completion, the combined operation will have around £8bn of assets under management and will provide Canaccord with a strong UK and European wealth management business.
