Discussions with suitor continue

Broker network has announced that it has rejected a recent bid to buy the company.

The bidder is believed to be either Towergate or Axa.

In a statement the company said: "Broker Network announced that it had received an approach which may or may not lead to an offer being made for the Company.

"The Board of Broker Network has held discussions with the party concerned. It has concluded that the terms and conditions of that approach are unacceptable and the Board has therefore rejected the proposal."

It continued: "Discussions continue and a further proposal may or may not be made."

Following the announcement on 12 October, Broker Network shares have fallen by 7% from 497p to 460p.

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