Broker Network refuse approach

by Richard Kilner

Story link: Broker Network refuse approach

A recent offer to buy Broker Network has been rejected by the firm.

Speculation indicates that the bidder could have been either Towergate or Axa.

Broker Network has stated that it had been approached by a firm that could lead to a bid being made for the Network. The terms and conditions of the approach were considered unacceptable by the Board of Broker Network and the approach has consequently been rejected.

It is unknown whether a further bid will be made, though it remains a possibility.

After the announcement, made on 12 October, Broker Network shares fell from 497p to 460p, a drop of 7%.