Investec confirms bid for Evolution

City A.M. Reporter
South African investment bank and asset manager Investec said it was the bidder for Evolution Group a day after the British investment bank and broker said it had received a bid approach from an unnamed suitor.

Investec, which is also listed in London, said it had made a preliminary approach regarding "a potential share offer" for Evolution.

Investec, which has been boosting its asset management business to diversify beyond lending, said the preliminary approach was made "subject to obtaining a unanimous recommendation from the Evolution board and the satisfactory completion of due diligence."

Evolution on Wednesday said it had received a takeover proposal from an unnamed suitor, marking continued consolidation in an industry weakened by a slump in financial markets.