Cenkos Securities, the stockbroker set up by Andy Stewart, the Collins Stewart founder, will tap investors for £500m if it pushes ahead with its bid for Close Brothers, the UK investment bank, reports The Times.
Yesterday the bank rejected a £1.4bn indicative offer from Cenkos and its partner Landsbanki, Iceland’s second-largest bank, as “wholly inadequate”. Close Brothers, which was founded by William Brooks Close in 1878 to provide farm mortgages in Iowa before financing the first railway in Alaska, said that it would not pursue discussions on the 950p-a-share approach, made on Wednesday evening. However, Cenkos and Landsbanki are expected to attempt to reengage the bank in conversation early next week. At present the consortium is not thought to be planning to make a hostile takeover attempt...
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