Total
0
Shares
Tileny-Smith & Williamson merger on hold
  • 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

CAD$535.86 million.


Subscribe


More From The Market Herald
1933 Industries - Adviser, Jeannette VanderMarel - The Market Herald Canada

" 1933 Industries appoints cannabis expert Jeannette VanderMarel as adviser

1933 Industries (CSE:TGIF) has appointed cannabis expert, Jeannette VanderMarel as company adviser.
Phivida Holdings to debut new products at Natural Products Expo West 2020

" Phivida Holdings to debut new products at Natural Products Expo West 2020

Phivida Holdings (CSE:VIDA) is set to launch two new products at the Natural Products Expo West 2020.
Puma Exploration terminates deal at Murray Brook Deposit

" Puma Exploration terminates deal at Murray Brook Deposit

Puma Exploration (CVE:PUMA) has declined to purchase further shares in the Murray Brook Deposit, due to sliding zinc prices.