Astaire’s takeover of Hoodless Brennan on hold for probe
11 April 2012
Acquisitive stockbroker Astaire ended up in control of rival Hoodless Brennan in a bizarre twist today but is still barred from taking it over completely until regulators conclude their investigation into a £1.4 million black hole.
The £3.6 million cash takeover bid has been accepted by 99.85% of Hoodless shareholders.
They rejected Astaire's chance to withdraw their acceptances, made when Astaire and parent Evolve's shares were suspended last week.
But the deal must have the Financial Services Authority's approval.
The missing money means it does not have the capital to take on Hoodless. Fairfax's takeover of Astaire is also on hold.
