Merger talks between UK private client brokers WH Ireland and investment bank Blue Oar ended on Thursday with no offer agreed upon. WH Ireland expressed an interest in making an offer for Evolve Capital’s stake in the Bristol-based firm earlier this month.

Evolve, which has a 64.9 per cent stake in Blue Oar, said at the beginning of March that it was considering selling up after a strategic review of Blue Oar.

Under the terms discussed as part of the WH Ireland offer, for every Blue Oar share WH Ireland were to pay 0.1194 in new shares and 1 pence in cash. WH Ireland valued each Blue Oar share at 9.66 pence, equating to a value of £16.2 million ($23 million) for the firm’s entire issued share capital.

Today’s joint statement regarding the cessation of discussions will prevent WH Ireland or anyone acting in concert with it from announcing an offer for Blue Oar or taking certain other action within the next six months unless there has occurred an event, such as a third party making an offer, which enables the statement to be set aside. This is in accordance with the rules of the UK Takeover Panel.