Cavendish Enlists Teneo for Takeover Bid Defence Amid Sector Consolidation
UKPulse Markets Desk
Boutique investment bank Cavendish has appointed Teneo to conduct a valuation exercise to support potential bid defence, as the financial services sector experiences a wave of consolidation.
- Cavendish has enlisted Teneo specialists to conduct a valuation exercise.
- The move aims to support potential bid defence during a period of uncertainty.
- Cavendish plans to diversify away from its core dealmaking divisions.
Cavendish, the boutique investment bank, has engaged advisers from corporate consultancy Teneo. The specialists will undertake a valuation exercise to support potential bid defence, according to City AM.
This instruction comes as the financial services sector in Britain undergoes a period of consolidation. Cavendish's chair, Lisa Gordon, stated that an independent valuation exercise is good practice for any listed company board to prepare for eventualities.
The company also confirmed plans to diversify its operations, focusing on its broking and private markets functions. This strategy aims to reduce reliance on its cyclical core investment banking revenue streams.
Why this matters: The move highlights the ongoing consolidation trend within London's financial services sector, where British competitors are reportedly being acquired by foreign buyers at low valuations.