indias-religare-to-acquire-uk-stockbroker

India's Religare to acquire UK stockbroker

Religare Enterprises, an Indian finance company started by the owners of Ranbaxy, has offered to pay $99 million for London's oldest stockbroking firm Hichens Harrison.
India-based Religare Enterprises has made an offer to acquire UK stockbroking firm Hichens, Harrison Co for $99 million.

Religare has confirmed to the stock exchange that it is in discussions with Hichens Harrison but has not disclosed the price at which an offer will be made. However, in a filing with the Alternative Investment Market in London where Hichens is listed, the firm confirmed that discussions with Religare are at a proposed offer price of ú2.85 $5.70 per share. Hichens has 17,383,273 issued shares so the offer price translates to an equity value of ú49.5 million $99 million.

Hichens Harrison is the oldest firm of stockbrokers in the City, in business since the early...
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