Liontrust to pay £51.4m less for Majedie as deal set to complete

Issue of new shares

Kathleen Gallagher
clock • 1 min read

Liontrust Asset Management will pay £51.4m less than the maximum price proposed for the purchase of Majedie Asset Management as the former's share price has fallen since the announcement, a stock exchange announcement has revealed.

At the time of the deal's announcement, the companies said the deal would be worth up to £120m, satisfied by the issue of up to £97m in new ordinary shares and up to £23m in cash to the shareholders of Majedie. On Tuesday (29 March), Liontrust said it would issue 3.7m new shares of 1p each to shareholders of Majedie. With Liontrust's share price now at £12.3 per share, the value paid to Majedie is £45.6m, the firm confirmed, £51.4m less than the £97m originally proposed.  The drop in value is a result of Liontrust's share price tumbling over recent months. It is down 41.3% over the pa...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Future of Investment Festival: Our specialist sessions for advisers

Future of Investment Festival: Our specialist sessions for advisers

Future-proofing advice, building sustainable portfolios, all things SDR

Professional Adviser
clock 19 April 2024 • 2 min read
Why non-transparent managers are behind most failed acquisitions

Why non-transparent managers are behind most failed acquisitions

‘They don’t understand the importance of culture and cohesion’

Rami Cassis
clock 12 April 2024 • 3 min read
Partner Insight: Understanding the investment universe

Partner Insight: Understanding the investment universe

Invesco
clock 12 April 2024 • 6 min read