£123m bid for broker Brightside

Bristol-based insurance broker Brightside has received a £123m takeover bid from Gibraltar motor insurer Markerstudy, the company confirmed yesterday. Brightside said talks remain at a preliminary stage and no firm offer has been made, although the bid would value the firm at around 27p a share. Markerstudy now has until 13 August to either make a firm offer or walk away from the deal. It already owns around nine per cent of Brightside’s shares, which yesterday closed up 5.2 per cent at 27.63p.