Jelf Group confirmed late yesterday that it has reached an agreement about a proposed takeover by Marsh & McLennan Co Acquisitions (known as Marsh).
Jelf said insurance broker Marsh has offered 215p a share, valuing Jelf at around £258m.
Jelf shares closed down 2.6 per cent to 222.65p yesterday.
The companies said:
“Jelf and the Marsh group have a strong cultural fit and share the same values that put the client at the centre of both businesses. The companies believe that the combination of the two firms will offer individuals and companies of all sizes market-leading customer service, advice and products.
“Jelf directors consider that while the prospects for future growth as an independent company remain strong, there are considerable benefits of combining with the Marsh group to accelerate Jelf’s strategic and financial objectives.”