Jersey-based asset manager TEAM has launched a hostile takeover bid for financial advice network Tavistock, after its initial confidential offer was rebuffed by the latter's board earlier this month.

TEAM said in regulatory filings this morning that on 11 March 2021, it had made a confidential approach to the board of Tavistock Investments.

In its letter, TEAM said it requested that the Tavistock board engage with TEAM “in good faith and provide access to mutual due dilig...