Nothing but negotiation

The Gap Partnership

Giles ties up business negotiations with CBG Group

The takeover deal values CBG at more than £5 million.

03 August 2011

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

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