Giles’s bid for CBG declared unconditional

GILES Insurance Brokers has announced that its £5.1m offer for Manchester-based insurance broker CBG Group has been declared unconditional after it passed the 90% threshold required to take the company private.

Glasgow-based Giles has now received acceptances of its offer of 32p per share – a 54% premium on the company’s value on the day before the offer was first announced – from 92.17% of all CBG shareholders.

It now plans to compulsorily acquire all of the remaining shares and to delist the company from the Alternative Investment Market.

The company was advised on its bid by Altium.

Altium director Keith Williams said: “The acquisition of CBG provides Giles with the opportunity to extend its geographic footprint by acquiring one of the largest insurance brokers in the North West of England.

Giles is backed by London-based private equity firm Charterhouse Capital Partners. Manchester-based Zeus Capital advised CBG in the deal.