Cenkos makes consortium bid for Close Brothers

Cenkos Securities, the broker founded by Andy Stewart in 2005 (who also founded stockbroker Collins Stewart in 1991), has confirmed that “ in conjunction with another party it has made an approach to the board of directors of Close Brothers regarding a possible cash offer for the entire issued share capital of Close Brothers at a price of 950 pence per ordinary share.

“Cenkos is interested in acquiring the investment banking and asset management businesses of Close Brothers. It is proposed that the banking division will be acquired by the other party.”

Shares in Close Brothers rose by at least 17.63% to 894p in morning trading on 8 November, giving the company a market capitalisation of £1.33bn (US$2.78bn).