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Allfunds pulls out of running to buy Nucleus
4th Dec 2020 10:22
(Sharecast News) - Allfunds has pulled out of talks to buy Nucleus Financial, narrowing the range of potential bidders for the fintech company.
Nucleus said on Wednesday it was in early talks with Allfunds and other possible buyers. Aquiline Capital Partners, one of the contenders, quit talks on Thursday.
Allfunds, a fund distribution platform, said on Friday: "Allfunds ... confirms that it is not intending to make an offer for Nucleus Financial Group."
The withdrawal of Allfunds appears to leave Nucleus, an Edinburgh-based platform for financial advisers, in discussions with Integrafin, the holding company for the Transact investment platform, and buyout firm Epiris. Both Integrafin and Epiris have made cash bid proposals to Nucleus.
Nucleus shares fell 0.3% to 191.5p at 10:35 GMT. The shares have gained about 47% since Wednesday, valuing the AIM-traded company at £146m.
Nucleus said on Wednesday it was in early talks with Allfunds and other possible buyers. Aquiline Capital Partners, one of the contenders, quit talks on Thursday.
Allfunds, a fund distribution platform, said on Friday: "Allfunds ... confirms that it is not intending to make an offer for Nucleus Financial Group."
The withdrawal of Allfunds appears to leave Nucleus, an Edinburgh-based platform for financial advisers, in discussions with Integrafin, the holding company for the Transact investment platform, and buyout firm Epiris. Both Integrafin and Epiris have made cash bid proposals to Nucleus.
Nucleus shares fell 0.3% to 191.5p at 10:35 GMT. The shares have gained about 47% since Wednesday, valuing the AIM-traded company at £146m.