IFG takeover talks break down

IFG has discontinued its talks with Bregal Capital about a takeover of the Irish company.

The financial services company said today it was no longer in talks with any party regarding a possible takeover, due to the current dislocation in global markets.

IFG has been the subject of two possible takeover offers over the last few months. In June it announced it had received unsolicited approaches from two parties, believed to have been private equity company Bregal Capital and a group led by Fiordland, a 20 per cent holder in IFG.

On August 31st the company announced it had entered exclusive talks with Bregal Capital. However, today IFG said that, in view of the current dislocation in global markets, both IFG and Bregal have agreed to discontinue discussions.

IFG, which has been increasing its presence on the British pension scene, had seen its shareprice rise since the announcement of two possible takeover bids. The company had been expected to command a price of more than €2 a share.

IFG was trading down more than 4 per cent this lunchtime at €1.56.