Financial services group Fishers International is gearing up for an acquisition in the UK that is likely to cost it in excess of £10 million (€12.70 million). Fishers said yesterday that it is in an advanced stage of negotiation on the acquisition of loss adjusters Pycroft & Arnold Holdings.

Pycroft & Arnold said that the price would represent a "moderate premium" on the 531/2p sterling price at the time of the announcement. The announcement of the take-over talks between Fishers and Pycroft & Arnold came after the latter's shares soared to a high of 82p sterling last week. The offer price from Fishers is likely to be significantly below this high.

The British loss-adjusting firm is very profitable and produced after-tax profits in the year to December 1997 of £836,000 sterling.