Syndicate Asset Management has made a 17.4m offer for Savoy Asset Management.
The offer is for 178.1p in cash for each Savoy ordinary share, representing a premium of approximately 6 per cent on the closing price of 168p per Savoy share on January 25, 2006. Savoy was formed in 1997 and has 1.1bn in assets under management. The acquisition is Syndicate’s fourth since September 2005 and increases its funds under management to approximately 2.5bn.
Syndicate chairman David Pinckney says: “This acquisition represents another major milestone in our development into a leading fund management group and further demonstrates the attractiveness of our business model.