City of London-based stockbroker, AIM-listed Corporate Synergy, has agreed terms of a recommended £13.4 million ($23.2 million) offer for Br...

City of London-based stockbroker, AIM-listed Corporate Synergy, has agreed terms of a recommended £13.4 million ($23.2 million) offer for Bristol-based broker Rowan Dartington. The deal is to be part funded by a £12 million placing of new shares. Corporate Synergy will issue 48 million new shares at 25p and Rowan Dartington shareholders can choose to receive up to around half of their consideration in cash. Under the terms of the deal, Barrie Newton, managing director of Rowan Dartington, and Leslie Allan, ex-Lehman Brothers and Deutsche Bank, are to join the board of Corporate Synergy. In the year to 31 December 2005 Rowan Dartington posted a pre-tax profit of £850,000 on turnover of £5.5 million. The enlarged group will rank in the top five AIM specialist brokers by number of clients.