TEAM, an independent asset investment manager, offered to acquire Tavistock Investments, an investment advice company, for £15.2m. Tavistock's board rejected the offer, claiming it undervalued the firm. In a statement, TEAM said it now “seeking to engage with Tavistock shareholders to discuss the merits of a possible offer to acquire the entire issued and to be issued ordinary share capital of Tavistock at an exchange ratio of one TEAM share for every 36 Tavistock shares”.