Cobra confirms bid negotiations with Towergate

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The company said the discussions surrounded enquiries with due diligence for its entire share capital but that there was no certainty any offer would be made.

The company formed by Cobra's CEO was named as Alto Intermediary Group.

In a statement to the stock exchange Cobra added that Towergate had indicated that any offer was likely to be made in cash.

The market capitalisation of Cobra Holdings as listed on the AIM segment of the London Stock Exchange was £8.73m at the time of writing.

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