UK investment group Evolve Capital has made an offer to acquire investment bank Blue Oar, which owns wealth management company Rowan Dartington, in a deal that would value the company at £17.9 million ($26.3 million).

Acceptance of the bid is still under consideration, a spokesman told WealthBriefing.

Evolve said in a statement that it believed there are valuable business units within Blue Oar, particularly the private client stockbroking of Rowan Dartington, where restructuring and additional resources are expected to enhance or realise that value.

Rowan Dartington would be the key focus if the acquisition is successful, said Evolve, which intends to float the company within the next three years and distribute its shares to Evolve shareholders.

To finance the takeover,  Evolve said it would issue 1,025 new shares for every 1,000 shares in Blue Oar and that its offer represented a premium of about 19.6 percent to Blue Oar's closing price on 5 December of 9 pence.

Blue Oar shareholders acting in concert with Evolve, including those who had already signed undertakings to accept the deal, hold about 31.7 per cent of Blue Oar shares, the statement continued.

"Blue Oar has substantial cash resources and given current economic and market conditions, Evolve's strategy is to prevent any unnecessary further depletion of such cash resources," said Edward Vandyk, executive director of Evolve.