Intermediate Capital joins battle for Argus, reports say

Intermediate Capital Group has made an offer to acquire a large share of oil market data provider Argus Media, according to reports.

The FTSE 250 listed specialist asset manager, where chairman Justin Dowley is stepping down in July after six years in the role, has offered to buy a "sizeable stake" of the family owned outfit, according to Sky News, which could derail plans by a band of lurking private equity firms and buyout firms.

Among Argus shareholders, which includes the family of founder Jan Nasmyth, chairman Adrian Binks and other members of management, there are some who are pushing to sell part or all of their holdings, and other who want to retain control and pursue an to acquisitive approach.

Sky said it was not clear whether ICG (ticker: ICP) intended to partner with another buyer later in the auction or would sell some of the equity it purchases to one of its own investors.