ANOTHER stage in the break-up of merchant banking group Hambros was reached yesterday following the sale of Hambro Insurance Services.
Hambros, the subject of an agreed #428m offer from South African group Investec, is selling its controlling stake in the insurance business that bears its name. Its 52% holding is to be sold to Canadian insurance company Lindsey Morden Group for #44.9m.
It is offering 132p for each Hambro Insurance Services share, a 22% premium against the 108.5p price on April 30 before talks were announced.
The Toronto-quoted group is obliged to make a formal offer for the remaining 48% of shares not owned by Hambros. Its offer values the whole of Hambro Insurance Services at #86m.
Hambros chairman Sir Chips Keswick, above, said: ''The sale of Hambros' controlling shareholding in Hambro Insurance Services and the consequent addition to Investec's proposed offer for Hambros is a further step in the provision of definitive value to Hambros shareholders.''
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