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MBO for Lynx software arm under Skandia deal

Lynx&#39s software operation will be bought out by its management for £60m, as Skandia takes control of the Banhall operation.

The divergence between the success of its IFA business and the performance of its IT side led Lynx to recommend the offer.

Lynx non-executive chairman Stewart Douglas-Mann says: "A significant difference in investment ratings for smaller IT businesses has become evident since Autumn 2000 which has adversely affected the market&#39s view of Lynx&#39s value. This, combined with the benefits in terms of greater financial resources and business reach in the IFA market which our financial services businesses will enjoy within the Skandia Group, has led your Board to conclude that the proposed transaction is in the best interests of both our shareholders and our businesses. Shareholders will receive a cash payment for their shares at a significant premium to the Lynx price immediately prior to the announcement that the Company was in talks."


Clerical fears Skandia deal is part of wider trend

Clerical Medical fears Skandia&#39s bid for Bankhall is part of a wider trend which could see a handful of providers controlling most of the IFA distribution. Clerical&#39s head of strategic marketing David Shelton says deals such as Skandia&#39s could lead the public to call into question the integrity of the advice they receive from provider-owned […]

Skandia business with Bankhall

Skandia says its purchase of an 86 per cent stake in Bankhall will not hit its business with Bankhall members.It says the FSA has confirmed Bankhall member distributing Skandia products will not be hit by the “better than best” rule after the deal. Skandia business put through Bankhall&#39s ISL network will be hit by the […]

Lamensdorf buys up Flexible Mortgages

IFA group Lamensdorf is buying mortgage brokerage Flexible Mortgages Limited for an undisclosed sum ahead of its proposed flotation next spring.Middlesex-based FML will bring 25 mortgage advisers, including two RIs, into Lam-ensdorf Group, under the new name of Lamensdorf Mortgages.The deal will see FML chairman Geoff Iveson take a seat on the board of Lamens-dorf […]

GISC will assist in transition

In its response to the Treasury&#39s statement regarding the future of insurance regulation, GISC says it will continue in its current role until the FSA takes over.The Government called upon GISC to work closely with the FSA in creating the new regulatory regime, saying it will need to benefit the customers without loading the industry […]


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