Cavendish says it received and rejected offer for private M&A business

(Sharecast News) - Investment bank Cavendish Financial confirmed on Tuesday that it has received interest in its private M&A and debt advisory business but that this was rejected and there have been no further discussions. "The group's strategy is to focus on growing and evolving as a full service, fully integrated, small and mid-cap investment bank with the potential for adding additional business offerings rather than reducing them," it said.

The firm said it has already generated significant revenues and won a number of live mandates as a result of the integrated business offerings within the group.

The statement came after Sky News reported that private equity-backed professional services firm Smith & Williamson had tabled an approach for Cavendish that would result in the break-up of the investment bank.

Sky said that S&W, which itself was part of Evelyn Partners until earlier this year, made an offer in recent weeks to acquire Cavendish's mergers and acquisitions arm. The value of the offer was unclear, Sky said.

At 1055 BST, the shares were up 7.1% at 12p.