Tonight:
5°c
Tilt at Blue Oar by WH Ireland is sunk
19 Mar 2009A £16 million deal that would have created the largest stockbroker on AIM collapsed in disarray today.
WH Ireland hoped it had secured the takeover of Blue Oar — the final move in a lengthy dance between the pair.
But it today said in a blunt statement that talks had been “terminated”, without giving a reason.
Blue Oar shares slumped 33% to 4p. The bid, seemingly agreed two weeks ago, was at 9.66p a share, valuing Blue Oar at £16.2 million.
WH Ireland had fended off a takeover bid from Blue Oar, before returning with its own offer. Evolve Capital took control of Blue Oar after a hostile bid last year. It has a 65% stake.
With neither side giving clues as to why talks broke down, rivals in the industry speculated that there had been a personality clash at top levels.
However, Blue Oar chief executive Justin Lewis is now expected to quit the company and return to his native Australia.
WH Ireland shares moved up 3% to 72.5p.
