Termination of Merger Talks
Source: Nasdaq GlobeNewswire / 31 Aug 2017 13:26:37 Eastern Standard Time
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For immediate release
31 August 2017
Rathbone Brothers Plc ("Rathbones")
Termination of Merger Talks
The Board of Rathbones announces that further to the announcement made on 21 August 2017, exclusive merger discussions with Smith & Williamson have been terminated.
Following very extensive due diligence and negotiations, we have been unable to conclude a transaction that is in the best interests of Rathbones shareholders.
Philip Howell, Chief Executive said:
"We continue to believe that our proposition was both a compelling strategic and value creation opportunity for all Smith & Williamson's stakeholders. The potential combination was intended to accelerate Rathbones' existing strategy, but ultimately we were unable to agree terms that offered our shareholders an appropriate balance of risk and reward. Rathbones remains confident in its strategy and will continue to look for growth opportunities in the sector and assess them with discipline."
Rathbones has incurred a non-underlying charge of approximately £5 million in 2017 for expenses associated with the prospective transaction, of which £1.8 million was reported within other expenses in our interim statement for the six months ended 30 June 2017.
The person responsible for arranging this announcement on behalf of Rathbones is Ali Johnson, Company Secretary.
For further information contact:
Rathbone Brothers Plc
Philip Howell, Chief Executive
Paul Stockton, Finance Director
+44 (0) 20 7399 0000 Camarco (Communications Adviser)
+44 (0) 20 3757 4984
+44 (0) 20 3757 4989
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Source: Rathbone Brothers Plc via Globenewswire