Evolution mulls bid for Arden
Broker Evolution Group has targeted rival Arden Partners for a possible takeover, City sources say.
The FTSE 250-listed firm is understood to have conducted preliminary talks with Aim-listed Arden in the past few days after its negotiations with Panmure Gordon collapsed last month.
According to City sources, Arden's growing Indian business is considered to be an attractive asset that Evolution would develop. Evolution has a market value of £195 million while Arden is worth £12.3 million.
A source close to Evolution said that Arden was only one of a number of potential targets among medium-sized brokers as several were experiencing cash shortfalls. Several have hired big teams to undertake corporate work, which has since dried up.
Arden could not be reached for comment.
In Evolution's 2009 report, chief executive Alex Snow, a former England B rugby player, wrote: 'The group has a long track record of acquiring financial assets and businesses at reasonable prices to create shareholder value'.
Evolution acquired stockbroker Beeson Gregory in 2002 and fund manager Williams de Broe in 2006.
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