LONDON (ShareCast) - (Sharecast News) - Wealth manager WH Ireland confirmed on Thursday that it had received an indicative, non-binding all-share takeover proposal from Team.
The offer was suggested at an exchange ratio of 0.195 Team shares per WH Ireland share.

In a brief statement in response to press speculation, it said: "The board of WH Ireland is evaluating the possible offer, together with its financial and legal advisers, and a further announcement will be made as and when appropriate."

It added that there can be no certainty that an offer will be made, nor as to the terms of any such offer.

Under UK takeover rules, Team has until 1700 GMT on 10 December to either announce a firm offer or walk away.

At 0940 GMT, the shares were up 76% at 2.64p.

Last month, the sale of WH Ireland's wealth management arm to Oberon Investments collapsed after shareholders voted against it.

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