Skandia makes offer for Bankhall

The Swedish insurance and savings company Skandia has made a recommended offer to acquire Lynx Group Plc, and its subsidiary, Bankhall, providers of support services to Independent Financial Advisers (IFAs) in the UK. Lynx Goup is a supplier of IT services for companies in the financial services market. The bid is for £1.20 per share and values Lynx at £210m (SKr3.2bn). This acquisition will be followed by the agreed disposal through a MBO of the Lynx Group IT businesses for £60m. The purpose of Skandia’s bid for Lynx Group is to acquire Bankhall. Key Bankhall management will remain with the company and will own 14% of the shares. Bankhall is a supplier of support services to more than 4,500 IFAs with a turnover £63.2m and 2001 profits of £7.8m. Skandia is to make the acquisition through its British subsidiary, IFA services. The MBO will result in Lynx’s technology activities being taken out of the group and set up as a separate and privately owned entity.

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