Brooks Macdonald's £4 million cash offer for Braemar Group accepted

Brooks Macdonald has had its £4 million cash offer for property specialist Braemar Group accepted.

If successful, the deal would see Brooks diversify its offer into property funds and will see the group which manages over £2 billion of assets continue to allow Braemar to run 'substantially as it is at present.'

The recommended cash offer means Brooks Macdonald  would acquire the entire issued and to be issued share capital of Braemar not subject to a Management Share Purchase Agreement.

It values Braemar Group's shares at 2.25p in cash for each ordinary share.

Braemar's ordinary shares had closed at 1.375p yesterday, representing a premium to the closing share price on 7 June of 63.6 %.

Braemar Group was co-founded by its current chief executive, Marc Duschenes in 2001, to build a property fund management business backed by the development of support services in corporate finance and property management.

Chris Macdonald, chief executive of Brooks Macdonald (pictured), said: ' Braemar has a strong management team, fund management range and property management business which will complement Brooks Macdonald's existing offering and is in keeping with Brooks Macdonald's strategy of expanding its niche range of funds.'