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Alexander David bid for Hoodless caves in

first_img KCS-content Tuesday 12 October 2010 8:01 pm whatsapp Share Show Comments ▼ Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap whatsapp TAKEOVER talks between small-cap brokers Alexander David and Hoodless Brennan have collapsed, the two firms said yesterday.Shares in Alexander David, led by chairman Michael Hicks and chief executive David Scott, have been suspended on Aim since 6 August, when it informed the market that it was mulling an acquisition of Hoodless.But sources close to the discussions said yesterday that after lengthy deliberation, Alexander David had decided against proceeding, with matters not helped by concerns over the current tough environment for the small cap broking market.The news marks the second time that Hoodless has failed to agree a takeover of its business in just five months. Back in May, rival Astaire was forced to shelve its plans for a £3.6m acquisition of Hoodless after discovering a £1.4m black hole on the balance sheet of its own retail stockbroking subsidiary, Rowan Dartington.Hoodless is keen to continue in its pursuit of a deal and is thought to have already received preliminary expressions of interest from different parties.It is just one of a number of small-cap broking players sniffing around consolidation deals as the numerous smaller firms in the sector struggle to cope with ever-declining levels of business from more cost-conscious growth companies in the wake of the financial crisis.Last month, larger rival Evolution Group expressed a possible interest in acquiring Panmure Gordon, though it stressed that no formal discussions had taken place and that an offer may not be forthcoming.Panmure Gordon, for its part, appeared resistant to the idea of a deal, insisting it has a strong footprint, significant growth potential and a clear strategy “as an independent entity”. Tags: NULL Alexander David bid for Hoodless caves in last_img read more