Henderson has emerged as the favourite to acquire struggling New Star Asset Management after being granted exclusive rights to negotiate a deal, reports at the weekend from the Sunday Telegraph suggest.
Yesterday, Henderson announced it was in talks over a possible offer for the John Duffield-led firm, a claim verified by New Star this morning. A possible deal includes an offer for New Star's ordinary shares, which would be conditional upon completion of its proposed capital restructuring. "If any transaction were forthcoming, substantially all the proceeds would be applied to the repayment of the company's current liabilities and therefore it is not certain that any transaction will lead to a significant return, if any, to current shareholders," the New Star statement reads. "There ca...
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