Fishers International, the insurance services company, has made a recommended offer of £10.8 million sterling (€12.3 million) for Pycraft & Arnold, an insurance loss adjuster. It has already received irrevocable acceptances from shareholders representing 80 per cent of the equity and the Pycraft board is recommending acceptance. The acquisition will be earnings enhancing, said Fishers' chief executive, Mr Kevin Kenny.

Pycraft & Arnold has a share quotation on London's AIM. The offer, comprising new Fishers shares and cash, values Pycraft & Arnold shares at 69p sterling (on the basis of Fishers' closing price of 39.75p on Tuesday). There is also a full cash alternative of 67.07p.

The offer represents a premium of 29 per cent over the closing price of 53.5p on February 5th, prior to the announcement by Pycraft & Arnold of an approach which could lead to an offer. That statement pushed the shares up to 82p. Fishers, registered in Dublin, but based in Surrey, has also announced the raising of £1.52 million sterling through the placing of 4 million new shares, at 38p per share, with financial institutions. The proceeds will provide additional working capital. Fishers has also forecast a 33 per cent rise in the final dividend to 0.60p per share.