Close AM makes £26m offer for Cavanagh

This values the entire issued and to be issued share capital of Cavanagh at approximately £26.2m, net of expected share option proceeds, or 1.7% of Cavanagh's revenue-generating client assets. The proposed acquisition of Cavanagh is in line with Close Asset Management's strategy to create a high growth wealth and asset management business in the UK. It follows the acquisition by the Close Brothers' subsidiary of Chartwell Group in September 2010 and Allenbridge Group in February 2011. Close has received irrevocable undertakings to accept or procure the acceptance of the offer in re...