Brightside confirms it has received a preliminary approach for 27p a share

Martyn Holman

Motor insurance group Markerstudy has made a preliminary approach to buy broking group Brightside for 27p a share.

Based on the 456.3m shares Brightside has in issue, Markerstudy’s approach values the company at £123.2m.

In a statement to the stock exchange, Brightside said: “The board can confirm that it has received a preliminary approach that may or may not lead to an offer being made for the company.”

The City Code on Takeovers and Mergers requires Markerstudy to make a firm offer by 5pm on 13 August.

Brightside is run by chief executive Martyn Holman (pictured).