Having taken a a near-30% stake in AIM-listed motor claims management firm, Ai Claims Solutions in January (see here), enigmatic (well, to me, anyway) ‘brand extension’ company, Quindell Portfolio, has upped the ante to a full takeover bid by increasing its holding to nearly 80%. Quindell paid £3.1m cash plus 50m Quindell shares (c.£3.8m at Friday’s closing price) for the additional 48% holding. The now mandatory full takeover bid values Ai between £14-15m depending on the cash/stock mix. For the year to 30th June 2011, Ai made an operating profit of £4.6m on £117.6m in turnover.
So, Quindell CEO, and ex-Innovation Group cofounder, Rob Terry, seems hell bent on a mission to create “TIG Mark 2” – but with lots of other bits attached (see Quindell keeps it in the family with Enzyme action). Some might say that one TIG was more than enough.