Key points:
- finnCap confirmed reports that it has received a takeover approach
- Talks are at an early stage
- finnCap shares jumped over 30% on the news
FinnCap Group (LON: FCAP) shares jumped Tuesday morning after the company confirmed it has received a takeover approach from Panmure Gordon Group Limited.
FinnCap confirmed any deal would be a cash bid by Panmure Gordon, with an alternative for electing shareholders to receive some shares of Panmure Gordon if they choose. However, it stated that discussions with Panmure Gordon are still at an early stage, and there can be “no certainty that any offer will ultimately be made for the company, nor as to the terms on which any offer might be made.”
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FinnCap shares jumped to a high of 19p on the news, the highest point since July this year. They currently sit at 17.6p, up 30.37% on Tuesday, although they are down over 47% in 2022.
The news regarding a takeover was reported over the weekend, with Sky News stating that a slowdown in corporate activity has driven a search for more significant cost savings.
Panmure is run by Bob Diamond and Ricci Rich. Diamond and Rich are bankers and used to work at Barclays with Diamond, previously the bank’s former chief executive officer. Rich held the roles of Co-CEO of Corporate and Investment Banking, and COO of Barclays Global Investors.
In September, FinnCap confirmed that Sam Smith stepped down as CEO and director of the company, succeeded by John Farrugia. It was also reported over the weekend that FinnCap and other small-cap broking specialists would be cutting some jobs as part of plans to save money.
