Giles ties up business negotiations with CBG Group
The takeover deal values CBG at more than £5 million.
Merger and acquisition advisors may have been used as CBG Group has agreed to a takeover deal from rival Giles.
The arrangement values the company at over £5 million and Giles will pay 32 pence a share to make the agreement happen.
With the business negotiations now complete, attention for Giles will turn to how it is going to expand its north-west presence - it already has offices in Chester and Wigan.
CBG chairman Robin Slinger said: "Giles has established a strong position in the regional marketplace and has an excellent reputation for acquiring and enhancing ambitious businesses."
He added the opportunity to link-up will provide growth opportunities for his firm in the coming years.
Chris Giles, chief executive of Giles, added CBG - which provides insurance for a range of areas, including professional sports and science and technology - can now focus on expanding after being freed from the "regulatory burden" that comes with being a listed company.
Posted by Ron Maverick