Insurer boosts stake in broker by buying 3m shares

Insurance group Markerstudy has bought a further three million shares in broking group Brightside, taking its total holding to 12.1% from 11.4%.

Markerstudy now owns 55.1 million shares in Brightside, up from 52.1 million.

The purchase follows Markerstudy’s failed takeover bid for Brightside. Brightside walked away from the takeover talks after Markerstudy cut its preliminary offer to between 20p and 22p a share from 27p a share.

Brightside said at the time: “The board believes that a proposed offer price of between 20p and 22p per share fundamentally undervalues the company and therefore sees no need in proceeding with offer discussions with Markerstudy.”

Following the collapse of the deal, Brightside revealed that it was replacing chief executive Martyn Holman.

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