M and A
Rathbones, Smith & Williamson Confirm Merger Talks
The potential financial terms of the deal were not disclosed.
Rathbone
Brothers, investment and wealth manager, and UK-based
financial services provider Smith &
Williamson have confirmed they are in talks regarding a
possible all-share merger of the two groups.
Discussions have taken place for some time and the boards of both
Rathbones and Smith & Williamson are confident that a deal
can be agreed, the firms said in a statement.
A statement from Smith & Williamson said: “Whilst these
discussions are ongoing, there can be no certainty these will
lead to a transaction. If agreed, any such transaction will be
subject to the approval of Smith & Williamson and Rathbones
shareholders.”
Rathbones said that “the person responsible for arranging this
announcement on behalf of Rathbones is Ali Johnson, company
secretary”.
The firms both added, "a further announcement will be made
as and when appropriate". The potential financial terms of
the deal were not disclosed.
Rathbone Brothers’ share price on the London Stock Exchange at
11:25 UK time on 21 August was £28.03 ($36.1). Smith & Williamson
is the eighth largest accountancy company in the UK
