Salford-based financial adviser and professional services firm Frenkel Topping said today that discussions over a £68m takeover bid for the company by private equity firm Harwood are continuing.

The two firms have requested an extension to the deadline for Harwood to make a firm intention to make an offer.

The bid was first announced on 2 June when Harwood offered a cash deal of 50p a share, or an alternative offer of 10p a share plus shares in the newly-created company, if the takeover is successful.

In addition, shareholders accepting the alternative offer will be able to keep the final dividend of 1.375p a share that's expected to be paid in October, subject to approval at the annual general meeting.

Harwood had until 30 June to either make a formal offer for the company or walk away under UK Takeover Panel rules.

That deadline has now been extended to 5pm on 25 August, with the agreement of the independent directors and the consent of the Panel in accordance with the takeover code.

In its announcement today Frenkel Topping said: “This deadline can be further extended.”

It added: “A further announcement(s) will be made in due course as and when appropriate. This announcement has been made with the consent of Harwood.”

Frenkel Topping was established in 1979 as a specialist forensic accountants by John Frenkel and Mike Topping. The company was dedicated to servicing lawyers dealing with large personal injury and clinical negligence claims. It floated on AIM in 2004.

It now has a number of businesses including Cardinal Management which was established in 2015 to provide trauma support and direction. In 2016, Frenkel Topping Group launched its discretionary fund management service, Ascencia and in 2018 it created wealth manager Obiter.

In recent years it has been busy on the acquisition trail, beginning with Manchester and Leeds-based forensic accountancy Forth’s in 2020. In 2021 it acquired civil and commercial litigation costs consultants A&M Bacon and Partners in Costs (PIC), a costs law specialist, both based in Doncaster.

In April 2024 it acquired Chester-based cost consultants North West Law Services Limited (NWL) for £2.75m.

Other businesses in the group include expert witness services company Keystone Case Management, medico-legal litigation expert witnesses business Somek and Associates, costs consultants Bidwell Henderson, costs experts PIC, and civil and Court of Protection costs experts A&M Bacon.