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RELIGARE vying for London stockbrokers (1)   17-May-08 18:03Tracked by (0)  
Posted by:   stox & more on ( 17-May-08 18:03 )
Price : BSE: Rs 400.75 ( -1.32 % ), NSE: Rs. 401.95 ( -1.42 % )
Three Indian companies, including Religare, are bidding to acquire city stockbrokers Arden Partners, the media reported.

Arden, which on Friday ended talks with the larger Cenkos Securities, said it has received preliminary approaches from other parties, “which may nor may not lead to an offer being made for the company”.

The media identified the bidders as New Delhi-based Religare Enterprises - controlled by Ranbaxy director Malvinder Singh and his brother Shivinder, Mumbai-based broker JM Financial and an Indian investment bank.

Religare hit the headlines in April when it acquired London's oldest city firm, 205-year-old Hichens Harrison, for 55.5 million pounds (over $100 million).

Meanwhile, Cenkos Securities chief executive Andy Stewart said takeover talks collapsed after Arden non-executive directors demanded a higher price than the estimated 30 million pounds first agreed.

“I thought we had a deal and we had shaken hands on it,” the media reported on Saturday.

*ET Courtesy
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