Former Barclays Chief Executive Bob Diamond has announced that he is returning to the City with a risky buyout swoop on broking house Panmure Gordon.
The bid was made jointly with the struggling City broker`s 43 percent shareholder, QInvest - the investment vehicle of the Qatari royal family - and confirmed on Friday morning following a detailed leak on Thursday evening.
The venerated institution first swung open its doors in 1876 and retains a strong brand name despite pressures in recent years from increased regulation, dwindling commissions and a tougher competitive climate.
The investment bank and corporate broker has also cited concerns that Brexit-related uncertainty will continue to harm business prospects as small and mid-cap companies sit tight on potential dealmaking and stock market debuts, before getting further clarity over the role of the City of London in a post-Brexit world.
Although the 100 pence per share offer signals what appears to be a generous 64.1 percent premium to Thursday`s closing price, this is in the context of a stock that has shed a whopping 95 percent of its value since the financial crisis.
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