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For sale signs go up at DBS

DBS Financial Management has officially put up the for sale boards after

Money Marketing revealed last week that it was in talks with Bank-hall&#39s

owner Lynx.

DBS&#39s share price rocketed to 83.5p from 53.5p following Money Marketing&#39s

story.

The 56 per cent increase gives the company a market capitalisation of

about £42.4m compared with around £27m a week ago.

Money Marketing exclusively revealed that Lynx was in advanced talks to

buy DBS and its Assureweb online portal to grow its IFA operations.

Following the article, DBS issued a statement to the Stock Exchange

saying: “The board notes the recent press speculation and announces that it

is considering a range of strategic options, including the introduction of

strategic investors into its subsidiary, Assureweb.

“Interest has also been expressed in the group as a whole and discussions

have been held which may or many not lead to an offer for the shares in

DBS.”

Lynx has since said it is not in discussion with DBS although Money

Marketing understands that talks were ongoing until very recently.

Attention is now turning to providers as possible buyers while fund

managers increase their stake.

In the past week, Canada Life has acquired 500,000 ordinary shares in DBS

at 73.4p per share. The deal gives its smaller companies unit trust fund a

2.3 per cent stake in DBS.

Gartmore Investment Man-agement funds have also taken a 1.24 per cent

stake in the firm, acquiring 88,737 shares.

Bankhall director Tony Murrell says: “We are not in negotiations with DBS.

I cannot comment on any speculation.”

DBS public relations managers Sue Lewis says: “We cannot comment on market

speculation.”

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