Collins Stewart sells out to Canaccord
There is to be more consolidation in the financial services sector with Canadian giant Canaccord winning the hand of UK stockbroker Collins Stewart Hawkpoint.
There is to be more consolidation in the financial services sector with Canadian giant Canaccord winning the hand of UK stockbroker Collins Stewart Hawkpoint.
In a deal that values the UK firm at £255.3m, Canaccord will be offering 57.6p in cash and 0.072607 Canaccord shares for every Collins Stewart share held.
Based on a closing price of C$8.50 for Canaccord on the day before the agreed bid was announced, the terms value each Collins Stewart share at 96p, based on an exchange rate of C$1.6072 to the pound.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Shares in Collins Stewart shot up 38p to 88.5p on the announcement.
Collins Stewart shareholders will also be entitled to receive a second interim dividend of 2.6p per share, in lieu of a final dividend.
The Collins Stewart directors are recommending acceptance of the Canaccord offer. The Canadian company has received irrevocable undertakings to accept the offer in respect of around 10.7% of the existing issued ordinary share capital of Collins Stewart.
--
jh
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Reeves warned against property tax shake-up – 3 ways it could backfire on first-time buyers
Rachel Reeves reportedly has her eye on high-end property taxes in the upcoming Budget, but there are concerns a shake-up could unintentionally hamper those trying to get on the housing ladder
-
Average Brits want to retire five years before they can – who has the widest retirement gap?
Brits are expecting to work for longer than ever but there are big disparities in the number of extra working years predicted. A small tweak could help close the gap