Gallagher's bid for Oxygen is one of many

waiting in line

A source close to the situation said that in response to media coverage an internal email was sent to staff explaining that there were several firms who had shown an interest in acquiring Oxygen and that Gallagher's bid was by no means an isolated circumstance.

The source added that any deal made would be done so because it suited all parties involved, not because of price.

Gallagher's interest follows its purchase of broking group Heath Lambert in May for £97m.

Oxygen previously sold Oxygen

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