Corporate adviser and stockbroker Arden Partners has confirmed that its shareholders have voted overwhelmingly to be acquired by listed law firm, The Ince Group.
The parties agreed on a £10m deal in October following the offer by Ince to buy the entire share capital of Arden.
Following a meeting of Arden shareholders yesterday, 31 of the 32 in attendance voted in favour of the takeover – those supporting the deal representing 99.9% of the holding in the company.
Completion remains subject to the approval of the Financial Conduct Authority and London Stock Exchange, but once those hurdles are cleared it paves the way for a significant expansion of the Ince Group.
Last year, Ince chief executive Adrian Biles said clients in the UK and overseas had wanted their advisory relationships to be streamlined whilst being able to access to London capital markets.
‘This deal brings best in class professional services and investment banking together,’ added Biles.
Under the deal, Arden shareholders will receive seven Ince shares for every 12 Arden shares, based on a price of 53p per Ince share. Since mid-October, when Ince shares were 53p, the value has dropped consistently, reaching a nadir of 33.5p in mid-December. Shares were today down 2.67% to 36.5p following yesterday’s announcement.
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