UK - Syndicate Asset Management (SAM), the AIM specialist fund management group, has today announced it will buy Savoy Asset Management for £17m in cash.
The offer, made in cash, will be 178.1% in cash for each Savoy ordinary share, effectively valuing the the total share capital of the house at £17.4m.
The acquisition of Savoy is the fourth made by SAM since its admission to AIM in September 2005 and increases its funds under management to approximately £2.5bn.
Kenneth Clarke, outgoing Chairman of Savoy said: “The Savoy board believes that the business of Savoy would be better placed as part of a larger grouping, with the benefits of economies of scale and access to capital, to take advantage of the opportunities available to it.”
According to Clarke the deal also resolves long standing boardroom issues between Savoy and shareholder Global Investment House KSC.
“The offer, which we believe appropriately values Savoy’s current position and future prospects. achieve this and provides the added benefit of providing an exit for Global Investment House KSC, a 25.5% shareholder in Savoy,” he added.
By Daniel Flatt
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