Investec to acquire remaining Rensburg stake for £412m

The group already owns about 48% of Rensburg Sheppards' existing issued capital and has agreed to acquire the remaining stake at 916p per share, a 48% premium on Rensburg's closing mid-market price of 620p yesterday. Under the terms of the offer, Rensburg shareholders will receive 1.63 newly issued Investec shares in exchange for each share currently held. Rensburg had £12.3bn under management at 31 December 2009 through Rensburg Sheppards Investment Management and Rensburg Fund Management. Upon completion of the offer, Rensburg Sheppards will become part of Investec's Private Client ...