Giles has received acceptance from 86.75% of fellow broker CBG’s shareholders for its £5.1m takeover offer.

The level is now close to the 90% target Giles set out in its offer document. The acceptance deadline for the offer has been extended to 31 August to allow Giles to secure acceptance from more shareholders.

If Giles receives 90% or more acceptance and all other conditions of the offer are met or waived, Giles will earn the right to acquire the shares of those that have not accepted the offer on the same terms as the offer.

Giles plans to delist CBG from the London Stock Exchange’s Alternative Investment Market once the offer is declared unconditional.

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