A major shareholder in Smith & Williamson (S&W) has said there is “no certainty” S&W’s proposed takeover by wealth manager Tilney will go ahead.
Canadian asset manager AGF, which owns about a third of S&W, said in filings yesterday the firms had agreed a new “structure” for the proposed £625 million takeover of S&W by Tilney. The closing date was also pushed back until the second half of the year.
This new structure is designed to overcome a block imposed by UK regulator...
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