IFG reveals fresh takeover talks

IRISH financial services group IFG yesterday revealed a second takeover approach, as bid interest mounts for the London-listed firm.

The company said it had received an approach to acquire its entire issued share capital, which is currently valued at about €220m (£190m).

IFG did not identify who had made the latest approach for it, but private equity firm Fiordland – which is IFG’s top shareholder with a 19 per cent stake – is believed to have expressed an interest in buying the company.

Fiordland would be vying with private equity rival Bregal Capital, thought to be behind the original bid approach.

Renowned City investor Edmund Truell is the financier behind Fiordland. The group was incorporated in 2009 with the sole aim of subscribing to an IFG share placing.

Shares of IFG, which rocketed after it revealed it had been approached by a potential suitor earlier this month, closed 8.6 per cent higher yesterday at €1.90.