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Economic Development

International asset manager DBAY launches takeover bid for Liverpool credit firm Anexo

Its share price increased by around 5% on Wednesday morning following the announcement

Anexo is a specialist credit hire and initial claims management business providing cars, motorcycles and cycles from a fleet of over 1,500 vehicles(Image: www.pexels.com - free to use image)

A Liverpool-based specialist integrated credit hire business has received a takeover bid from an international management firm.

Anexo Group said the approach from major shareholder and asset manager DBAY was for a possible cash offer for the entire issued shares of the company, for 150p per share.

In a statement to the markets on Wednesday, the AIM-listed company said DBAY must announce a "firm intention" to make an offer by July 21.

The firm, whose legal subsidiary is city-based Bond Turner, added in the statement: "On the basis of the DBAY proposal, the board of Anexo has granted DBAY due diligence access, and DBAY has indicated an offer price of 150 pence per ordinary share in cash.

"While the structure of the possible offer is not yet confirmed, the status of Alan Sellers, executive chairman, and Samantha Moss, managing director, Bond Turner, as joint offerors to DBAY's possible offer is under consideration."

Anexo Group provides replacement vehicles to drivers involved in accidents, with offices in Liverpool, Bolton and Leeds.

Its share price increased by around 5% on Wednesday morning following the takeover offer announcement.