AUB Group has said that no deal has been reached in its ongoing discussions on acquiring wholesale broker Tysers.
The announcement comes amidst widespread reporting that the two firms had reached an agreement in which AUB had won a bidding war for Tysers. However, AUB sent out a brief release to clarify that while discussions have taken place, a resolution is yet to be reached.
The statement read: “AUB advises that it has been in discussions with Odyssey Investment Partners, the current owner of Tysers, and the senior management team of Tysers. Although AUB believes in the strategic rationale of the potential transaction, the discussions have not led to a transaction being agreed on terms acceptable to the parties.”
Reports last week in the B2B media stated that the Sydney-based AUB Group was the frontrunner to take over Tysers, ahead of Ardonagh. In addition, it was reported that final terms were close to being agreed. Others said to be in contention at one point to buy Tysers were Miller and Austbrokers.
However the blow falls on this one, it comes at a point when Tysers has been selling off a number of its businesses and assets. In January, it was reported here that Xenia Broking Group had acquired its UK trade credit and surety business.