International law firm Eversheds has advised insurance broker Jardine Lloyd Thompson Group plc (JLT) on the partial offer by its largest shareholder, Jardine Matheson, to acquire a further 10 per cent of its shares for £166 million, which would take Jardine Matheson’s holding in JLT to approximately 40 per cent.
JLT, a FTSE250 listed company, is an international group of risk specialists and employee benefits consultants and is one of the largest of its type in the world. As a result of the partial offer, both Jardine Matheson and JLT’s independent directors expect JLT’s competitive position as a leading insurance broking business to be strengthened.
The Eversheds team advising on the deal was led by Stephen Nash, partner and head of the firm’s takeover group, assisted by senior associate Luis Martin and solicitor Mei-Lin Robertson.
Stephen said:
“We are delighted to have supported JLT in this strategic transaction which demonstrates strong confidence and commitment to the JLT business, its management team, strategy and future prospects. From a legal perspective this was an interesting deal on which to advise due to the relatively rare nature of partial offers.”
Geoffrey Howe, Chairman of JLT, said:
"Jardine Matheson has been a supportive investor in JLT for many years. We believe that the Partial Offer reinforces Jardine Matheson's long term commitment whilst preserving JLT's independence and presenting shareholders with an opportunity to realise part of their investment at an attractive premium and to retain a substantial ongoing interest in the future of JLT."
Vyvienne Wade, Group Legal Director of JLT, said:
“We expect Jardine Matheson's investment and commitment to its shareholding to reinforce JLT's independence and ownership stability, which is important to staff recruitment and retention, as well as client and insurer relationships, and consequently support its growth prospects. As our legal adviser, Eversheds provided invaluable support and advice throughout the transaction.”
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