Rathbones has abandoned plans for a £2bn tie-up with rival wealth manager Smith & Williamson, leading the firm to seek out options for a potential stockmarket listing instead.
In a statement issued on Thursday evening, Rathbones said the deal, which would have created a major new player overseeing £56bn of assets, would not go through. The firm did not say why talks had collapsed, but it appeared S&W's owners demanded more than Rathbones' offer. S&W later released its own statement saying it had been preparing for a stockmarket listing when negotiations with Rathbones began, and as a result of the breakdown in talks, planned to pursue an IPO. Rathbones would take a £5m hit from the costs of the failed takeover attempt, This is Money reported. Analys...
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