Investec to acquire Rensburg Sheppards

Investec plans to take over the remaining 52% stake in investment management firm Rensburg Sheppards for £412m.

The group already owns about 48% of Rensburg Sheppards' existing issued capital and has agreed to acquire the remaining stake at 916p per share, a 48% premium on Rensburg's closing mid-market price of 620p yesterday. Under the terms of the offer, Rensburg shareholders will receive 1.63 newly issued Investec shares in exchange for each share currently held. Rensburg had £12.3bn under management at 31 December 2009 through Rensburg Sheppards Investment Management and Rensburg Fund Management. Upon completion of the offer, Rensburg Sheppards will become part of Investec's Private Client...