Oh brother, where art thou?

24 May 2004 By Chris Hughes

The independent UK investment bank hasn t yet deemed any of its various takeover approaches worthy of formal talks. It says it still prefers a float. But in protesting so much, Cazenove seems to be inviting its suitors to make an offer it can t refuse.

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Cazenove, the UK corporate broker and investment bank, said it had received an increasing number of takeover approaches lately but was not in formal talks.

It said flotation remained "the principal desired method of achieving liquidity for shareholders".

David Mayhew, the chairman, said: "We have continued to receive approaches from other firms interested in combining with us.

"Not surprisingly, the frequency of these approaches has increased since equity markets started to improve which is testimony to the strength and attractions of our market position.

"We have never solicited such approaches, nor have we issued a selling memorandum or equivalent document. We are entirely confident that we can continue to thrive as an independent business but, as a PLC with external shareholders, we have a responsibility to consider other options."

Results for the year ended 30 April 2004 would demonstrate that Cazenove had "capitalised on the improved market conditions since last summer", the group said, with investment banking maintaining or improving its market position.

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