Evolution rules out bid for Panmure

Evolution has decided against bidding for its rival broker Panmure Gordon in the face of opposition from both Panmure and one of its own big shareholders.

Evolution said in September it was considering bidding for Panmure and received a "put up or shut up" deadline of 28 October from the Takeover Panel to decide whether to make an actual bid. Evolution said yesterday it had abandoned its interest in Panmure after a rebuff from the company's directors. Panmure said the offer had not been in the interests of the company or its shareholders.

Panmure shares fell 8 per cent to 31p, valuing Panmure at £40m. Evolution rose 5.4 per cent to 88.5p, giving it a market value of £210m.