Investment Managers Oust Merger Talks, One Eyes Listing

Josh O'Neill

4 September 2017

reportedly attempted to beat the deal with an all-cash offer.

“Ultimately, we were unable to agree terms that offered our shareholders an appropriate balance of risk and reward,” Philip Howell, Rathbones’ chief executive, said.

Conversations between the two investment managers came to a close just two days after it was reported that Tilney had tabled a cash bid for Smith & Williamson in a bid to hijack the potential merger. Now, Smith & Williamson is preparing for a potential stock listing, according to media reports.

Now that talks with London-listed Rathbones had ended, a float was back on the cards, a spokeswoman for S&W reportedly told Reuters.

This publication has reached out to Smith & Williamson for comment on the potential listing and will update coverage accordingly.

Rathbones’ share price was down 0.11 per cent, trading at £27.77 ($35.88) at the time of writing (11:18am, 1/8/2017), according to the London Stock Exchange.