Canaccord Financial Inc. (CF.T) said Tuesday it has held
preliminary talks with U.K. wealth manager Evolution Group PLC
(EVG.LN) regarding a potential offer for Evolution's shares.
The Canada-based independent brokerage firm said its interest is
subject to a number of pre-conditions, including obtaining a
unanimous recommendation from the Evolution board and the
satisfactory completion of due diligence. It said there can be no
certainty it will make an offer. Potential terms weren't
disclosed.
This month, during a call to discuss its fiscal first-quarter
earnings, Canaccord said it was looking for acquisition
opportunities abroad to expand its wealth-management arm, including
in the U.K.
Canaccord isn't the only company eyeing Evolution. Investec PLC
(INVP.LN) said this month that it had approached Evolution about a
potential takeover.
Evolution said Tuesday that a number of parties have expresed
interest in either part or all of the company. All approaches are
at a very early stage, it said.
Evolution owns one of London's oldest fund-management companies,
Williams de Broe.
-By Carolyn King, Dow Jones Newswires; 416-306-2100;
carolyn.m.king@dowjones.com