- UK regulator disapproves of merger transaction structure for Tilney group and Smith & Williamson
- Both companies remain committed to the move
- AFG holds a 32.3% interest in Smith & Williamson
AFG Management Limited (TSX:AGF.B) have announced that the Financial Conduct Authority has not approved the transaction structure for the merger of Tilney Group and Smith & Williamson.
AFG has a 32.3% interest in Smith & Williamson.
Despite the delay, the management boards of both companies are committed to the merger. All the parties involved believe there is a strong strategic rationale of combining the businesses.
Discussions are continuing with the regulatory body to determine the next steps in the process. AFG has a 32.3% interest in Smith & Williamson.
AFG Management Limited shares were up CAD$0.58 (9.47%) and has a market cap of