Herbert Smith Freehills is advising Cazenove Capital on its £424 million recommended takeover offer from Schroders, which was announced on Monday, 25 March 2013.
Cazenove Capital is an independent investment business, specialising in investment funds and wealth management, with £18.7bn of assets under management and its acquisition by Schroders will bring together two long-standing organisations with close cultural values to create a leading, independent Private Banking and Wealth Management business in the UK.
Schroders’ offer is all in cash with a full loan note alternative, and has been structured to include an opportunity for Cazenove Capital shareholders to rollover into units in a new fund, which Schroders has undertaken to establish in connection with its offer. The offer is structured as a Jersey scheme of arrangement and is being made under the rules of the UK Takeover Code. The takeover is subject to regulatory approvals and the approval of Cazenove shareholders and the Jersey court and is expected to complete in June.
The Herbert Smith Freehills team was led by partner James Palmer and senior associate Mike Flockhart in London corporate, supported by our head of asset management M&A partner Mark Geday. They were assisted by Emily Ramsden, Heidi Gallagher, Tun Mra Zaw, Luca Farrow and Charlene Kong (corporate). The full team included Isaac Zailer, Sara Stewart and Casey O’Hara (tax), Mark Ife and Bradley Richardson (share schemes), Peter Frost and Anna Law (employment), Clive Cunningham and Debbie Wong (regulatory), Tim West and Indraneil Ghosh (funds), Andre Pretorius and Alberto Martinazzi (antitrust), Alex Bafi and Dinesh Banani (US securities).
Ogier is advising Cazenove Capital on Jersey law issues. Charles Outhwaite, Ollie Clayton and Neil Bhadra at Evercore are also advising Cazenove Capital.
