Jersey-based fund management business Team has received additional support in its bid to acquire Tavistock Investments.
On 30 March 2021, six shareholders of the wealth firm came out in support of Team and its offer.
But in a stock market update on 1 April, the Jersey firm revealed that an additional two shareholders are now backing its proposal.
Christopher Peel who represents 5.12% of shares, sent an “irrevocable undertaking” to commit to vote in favour of Team, even “in the event that a higher competing offer is made for Tavistock”, the fund business said.
The other shareholder, Olga Rey who represents 1.43% of shares, joined the previous six by sending a letter of intent.
Mark Clubb, executive chairman of Team, said: “Tavistock Investments was identified as an acquisition opportunity as we believe there is appetite amongst shareholders for change and that the combination with Team could bring greater scale, a fresh investment approach and significantly improved access to equity and debt markets.
“We are encouraged that, even at this early stage of the approach, we have received support from shareholders who represent 13.99% of the company.”
