Alexander Forbes International has become the subject of a takeover bid from a consortium of investors.
The deal, which will see a guaranteed sale of Alexander Forbes International Risk Services (AFIRS) to US broker Lockton, is worth an estimated £57m.
The consortium is led by UK-based Actis and includes South African equity-based private equity group Ethos, Harbourvest Partners and two Canadian investment firms, Ontario Teachers' Pension Plan Board and Caise de depot et placement de Quebec.
It is understood that investors were disappointed with the offer which they had expected to be a much higher £62m.
Analysts, however, said the offer was reasonable given the share price history of the group which took a battering earlier this year.