Mar 17, 2017
Diamond joins Qataris to launch Panmure Gordon bid
Bob Diamond, the former Barclays chief executive, has teamed up with the investment vehicle of the Qatari royal family to launch a bid for Panmure Gordon, the lossmaking stock broker and investment bank. Panmure, whose name dates back more than 140 years, is suffering like many mid-cap brokers from a number of structural challenges, including increased regulation, fewer deals and lower corporate retainers. Atlas Merchant Capital, the US investment firm created by Mr Diamond after he left Barclays, is teaming up with QInvest, which already owns 43 per cent of Panmure. "Against the backdrop of a challenging macroeconomic environment, with the resultant market volatility which has in recent years impacted Panmure Gordon's business, the independent Panmure Gordon directors believe that the scheme price reflects a fair and reasonable offer," said Andrew Adcock, chairman of Panmure. Mr Diamond will have no direct role at Panmure or at Bidco, either as an executive or non-executive, according to a person briefed on the deal.
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