LONDON (ShareCast) - Nicola Horlick's bid vehicle, Petersfield Asset Management, has finally ended offer talks with Bramdean Alternatives, the fund management business she floated in 2007.
Petersfield was set up by Horlick and chaired
by Tony Caplin in response to indications from several of Bramdean's major shareholders that they would favour a realisation of the firm's assets as quickly as possible.
But Petersfield has now concluded that most shareholders want the company to continue with its current strategy of investing in long-term alternative assets.
Key (NYSE: KEY - news) board members at Bramdean were replaced last month by men closer to major shareholder and Victor Tchenguiz's investment vehicle, Elsina.
Chairman and ex-boss of 3i Group, Brian Larcombe, investment banker Ceasar Anquillare, former chief of Allied Irish Banks (Dublin: AIB.IR - news) , Michael Buckley, and Nicholas Moss have all gone.
Jonathan Carr becomes non-executive director and chairman, while David Copperwaite and Mark Tucker are the new non-execs.
Bramdean had already broken off bid talks with Horlick in favour of a corporate reconstruction.
It said in June, following discussions with holders owning 94% of the business, it would seek to implement a restructuring to provide shareholders with a choice of realising their holding and/or continuing their investment.
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