Broker Network operates in the Insurance sector, as a network organisation for independent community insurance brokers. Company have gone from strength to strength in last 2 years. Today they have just released excellent Interim figures which I will post below, even before these results forward EPS to 2007 was only 10.77 and 2008 = 9.72. Should be a new Broker Forecast out soon, but if you check the Interims you will notice how cheap these shares still are, even after recent increases. Fundamentals all look very stong, with very stong balance sheet and margins are very healthy and improving.

Because of new and tighter FSA rules Broker Network have and will continue to benefit because of the Thousands of small partner firms in this sector who struggle with the tighter regulation. They are coming under the Broker Network umbrella, who then take care of the FSA rules for them ( For a fee of course )

up to 542.5 now, I can't see any announcements so can only conclude
as you say, thier must be bid rumours again. BNH did say when they
rejected the bid on 23 October as unacceptable, that discussions continue
which may or may not lead to a proposal.

Surprised on how quickly BNH have agreed to 6.01, shame really see below.

Towergate Partnership Limited
27 November 2007

Offer for Broker Network HOLDINGS plc

Not for release, publication or distribution, in whole or in part, in or into or
from any jurisdiction where to do so would constitute a violation of the
relevant laws of such jurisdiction

FOR IMMEDIATE RELEASE

27 November 2007

Recommended Cash Offer

by

Towergate Partnership Limited ('Towergate')

for

Broker Network Holdings plc ('Broker Network')

Summary

The Broker Network Board and the Towergate Board are
pleased to announce that they have reached agreement on the terms of a
recommended cash offer to be made by Towergate for the entire issued and to be
issued share capital of Broker Network.

The Offer will be 605 pence in cash for each Broker Network
Share valuing the entire existing issued and to be issued share capital of
Broker Network at approximately 95 million in aggregate.

The Offer Price represents a premium of approximately:

(i) 15.8 per cent. to the Closing Price
of 522.5 pence per Broker Network Share on 26 November 2007, being the last
Business Day prior to the date of this announcement;

(ii) 27.6 per cent. to the Closing Price
of 474 pence per Broker Network Share on 11 October 2007, being the last
Business Day prior to Broker Network announcing that it had received an approach
that may or may not lead to an offer; and

(iii) 92.7 per cent. over the average
Closing Price of 314 pence per Broker Network Share for the 12 months from 12
October 2006 to 11 October 2007 being the last Business Day prior to the
commencement of the Offer Period.

Towergate has received irrevocable undertakings to accept
or procure the acceptance of the Offer in respect of a total of 8,499,420 Broker
Network Shares representing approximately 55.2 per cent. of the existing issued
share capital of Broker Network.

Towergate is the UK's largest independently owned insurance
intermediary, offering approximately 200 specialist insurance products and
employing more than 3,400 people in 100 offices. Since its foundation in 1997,
the Towergate Group has completed more than 130 acquisitions and now controls
run-rate gross written premium of 1.1 billion per annum. In the year ending 31
December 2006, Towergate achieved revenues of 238 million and EBITDA of
approximately 95 million.

Towergate believes that the acquisition of Broker Network
will provide Towergate with a large network presence in the UK and will be the
foundation upon which the Towergate Directors expect to continue to expand the
Towergate Group through additional network acquisitions. Towergate believes
that Broker Network is an attractive and well-run business that has experienced
growth in both its network and owned broker businesses and will therefore
provide the foundation on which to continue its expansion.

The Broker Network Directors, who have been so advised by
Cenkos Securities Limited, consider the terms of the Offer to be fair and
reasonable.

The Broker Network Directors unanimously recommend that
Broker Network Shareholders accept the Offer, as they have irrevocably
undertaken to do or to procure to be done in respect of their entire beneficial
shareholdings and the shareholdings of any person whose interest in relevant
securities a Broker Network Director is taken to be interested in pursuant to
Part 22 of the Companies Act 2006, comprising in aggregate 3,815,588 Broker
Network Shares, representing 24.8% per cent. of Broker Network's entire issued
share capital.

Commenting on the Offer, Peter Cullum, the Executive
Chairman of Towergate, said:

'We are delighted to announce this transaction. This is a deal that makes great
sense for employees, brokers and customers alike of Broker Network - our two
organisations complement each other perfectly. I have known Grant Ellis for
many years and I know we both share the same passion for promoting the role and
value of a broker. We also share the same enthusiasm for how Broker Network
could flourish under our ownership and continue to be run as a first class
business for its broker members. Grant Ellis's proposed position as the
Chairman of the Network Division of Towergate demonstrates our commitment to
offering the leading UK network proposition.'

Commenting on the Offer, Grant Ellis, the Chief Executive of Broker Network
said:

'The Broker Network Board feels that the offer made by Towergate is in the best
interests of the Broker Network Shareholders and indeed in the best interests of
the Broker Network business, its network members and its people too. Towergate
is a major presence in the UK insurance market and joining forces with them
presents Broker Network and its members with further opportunities to expand and
prosper, which I'm very excited about.'

Some kind of takeover/merger has been on the cards for quite a while now, hence the spikes in the sp.
I had an automatic sell on the system at 550p & it triggered at 585p, so no complaints from me. End of a good run for this company & will be interesting to see how the new venture fares. Towergate itself, although a Ltd company, doesn't seem to be listed. Any idea of it's ownership?

I only know it was founded in 1997, and is Europes largest independently owned insurance intermediary, but not sure who is behind it.

What would be nice now if one of the other large Insurance company's come in with a bid and kicks off a bidding war. You never know.......

Spitfire. I agree with you. The Board have rolled over far too quickly. The market seems to have taken it as a done deal. I have been running the profits on both BNH and ASOS against bid rumours. Both have such a strong position in their respective markets you actually feel disappointed when one is satisfied with the bird in hand. Where is Richard Branson?

Eric

Unfortunately I think it is a done deal now, at least it's more money to the pot for a market correction, when it comes. Will have to find myself another BNH, if you have a chance take a look at EDD one of the few companies I still hold. SP has increased since August, but could be another BNH in it's sector. imho.