Smith & Williamson is to prepare the firm for a potential stockmarket listing, after a statement from Rathbones said merger talks had been "terminated" as parties were unable to agree a transaction that would be in the best interest of shareholders.
After stockmarket closing yesterday, Rathbone released a statement revealing the £2bn merger talks had broken down "following very extensive due diligence and negotiations". It was first reported on 20 August the two firms were in exclusive talks about an all-share merger that would create an financial services firm with £56bn AUM. However, Rathbone's most recent statement said these talks had not been concluded, resulting in a non-underlying charge of approximately £5m in 2017 for expenses associated with the prospective transaction. The biggest wealth management stories of Q2 ...
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