Smith & Williamson and Rathbones merger talks end

Smith & Williamson and Rathbones merger talks end

Smith & Williamson confirmed merger talks with Rathbones have been terminated and a potential stock market listing is being considered

Smith & Williamson have confirmed that merger talks with Rathbones have been terminated and a potential stock market listing is being considered.

A statement from Rathbones said: “Following very extensive due diligence and negotiations, we have been unable to conclude a transaction that is in the best interests of Rathbones shareholders.”

Chief executive Philip Howell added: “We continue to believe that our proposition was both a compelling strategic and value creation opportunity for all Smith & Williamson’s stakeholders.”

The top 10 accountancy firm confirmed the talks were over in a statement: “Further to the recent announcement made to the stock exchange by Rathbones, we can confirm that merger discussions have ended.”

“Following our growth and business development in recent years, the board had agreed to prepare the company for a potential stock market listing. While we were pursuing this course, we were approached by Rathbones.”

“After careful consideration, we have been unable to reach agreement on terms which would be in the best interests of all our stakeholders.”

Smith & Williamson did not comment on Tilney’s rival bid.

The statement continued:“As part of our preparation for a potential listing we have developed a strategy to deliver growth across all our business lines and further enhance our position as a leading adviser to private clients and their business interests.”

“This will be achieved by continued investments in talent, infrastructure, client experience and a number of new initiatives to strategically engage with existing and new client groups, creating value for shareholders as our business grows.”

Earlier this summer Smith & Williamson announced 13 partner promotions.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

Professional Services Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine

Accounting Firms Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021

Making Tax Digital Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource