Carole Nash is at the heart of an £80m acquisition battle between a major insurer and leading consolidating broker, sources claim.
It is understood that Equity was poised to make the acquisition when insurer, AXA, entered talks with an £100m bid. One source said: “We understand there has been a £100m bid from the insurer which has blown Equity out of the water.”
However, it is understood Ernst & Young, which is looking for suitable buyers for the motorbike broker, has received bids closer to £80m.
It is believed bidding for the broker is becoming more fierce as the broker moves deeper into negotiations. A deal is expected to be completed by the beginning of 2007.
Ernst & Young is understood to have received extensive interest from both trade buyers and private equity houses.
An AXA spokesman refused to comment on market speculation. Carole Nash also refused to comment.
