Towry thwarts rival bidders by hiking Ashcourt bid

Towry has increased its offer for Ashcourt Rowan to £120m, a move which is understood to have been prompted by rival bidders circling the firm.

Towry has now agreed to pay 333p per share and a principal amount of 16p in new loan notes for Ashcourt Rowan. The new deal replaces the 270p per share (plus 5p in loan notes) acquisition agreed by the two firms last month. That agreement had valued the wealth firm, managed by Jonathan Polin (pictured), at £97m - a 60% premium to its then share price. Investment Week understands that more than one separate bidder subsequently expressed interest in a rival deal for Ashcourt Rowan, with other private equity firms among those in the mix. Towry has now put an end to that interest vi...