20th Jun 2024 09:31
(Alliance News) - Alpha Financial Markets Consulting PLC on Thursday agreed a GBP626 million bid approach from Bridgepoint Advisers Ltd.
The deal values each share in the London-based asset and wealth management and insurance consultancy at 505 pence.
Shares in Alpha rose 3.3% to 495.00 pence in London on Thursday.
On Wednesday, Alpha had said it was minded to accept an offer, should one be made at that level.
In May, Alpha said BridgePoint was considering making a cash offer. It said Cinven Ltd was also mulling a possible bid, but had not submitted any proposal.
The deal is expected to be effected by means of a court-sanctioned scheme of arrangement.
BAL is a subsidiary of Bridgepoint Group PLC, a private asset investor, specialising in private equity, private credit and infrastructure.
Bridgepoint has EUR61 billion of assets under management.
Shares in Bridgepoint rose 1.5% to 222.60p in London on Thursday.
Bridgepoint said it had received undertakings to accept the offer from shareholders representing 2.9% of Alpha shares.
Alpha Independent Non-Executive Chair Ken Fry said the deal offers shareholders an opportunity "to realise their entire investment, in cash, at an attractive premium".
In addition, Alpha released results for the 12 months ended March 31.
Statutory pretax profit fell 12% to GBP22.6 million from GBP25.8 million, as did basic earnings per share to 13.85p from 15.82p.
Revenue increased by 3.0% to GBP235.5 million from GBP228.7 million and net fee income increased by 2.8% to GBP233.6 million from GBP227.2 million.
Alpha saw net fee income growth in all geographic regions on a constant currency basis, in what it termed a "challenging market environment".
The company highlighted continued growth of client relationships in all global markets, with the group adding 146 new clients and growing market share in the year.
No final dividend was declared. Alpha said should the bid from Bridepoint not proceed it would declare a payout at a later date.
By Jeremy Cutler, Alliance News reporter
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