LONDON (ShareCast) - (Sharecast News) - Team has launched a hostile takeover approach for fellow Aim stock Tavistock Investments, after the fund manager refused to engage with its first approach.
The Jersey-based fund manager is offering one Team share for every 36 Tavistock shares, implying a value per Tavistock share of 2.5p and a 28% premium to the closing price on 10 March, the day before it made its first confidential approach.

Team, which debuted on Aim on 8 March, said it had asked Tavistock to open discussions to see if a recommended offer could be agreed upon. But it was told that Tavistock would not engage with it, nor provide due diligence.

Team said: "The board believes that Tavistock shareholders deserve the opportunity to decide on the merits of any offer, and that it an offer is made in good faith, the Tavistock board should act in the interests of its shareholders by engaging with the potential offer, and not deny its shareholders this opportunity."

At the time of writing, Tavistock had not responded to requests for comment.

As at 1330 GMT, shares in Team were down 2% at 88.2p, while Tavistock was off 2% at 2.45p.

Team owns Theta Enhanced Asset Management, which trades as Team Asset Management. Team was founded for the purpose of acquiring or merging with regulated services companies, and Theta Enhanced Asset Management was its first acquisition.

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