Acquisition of Lloyd's broker PWS falls through due to "legal complexities"
The Board of THB today announced that it has terminated discussions with the board of PWS Holdings plc for the acquisition by THB of the Lloyd’s broking business of PWS International Ltd and overseas interests of the PWS group.
Vic Thompson, THB’s group chief executive, said: “We are very disappointed to withdraw at this advanced stage in the negotiations, as we felt that PWS would have made an excellent strategic fit with THB. We have expended significant effort to secure this acquisition, but, in the end, the legal complexities involved proved incapable of resolution within the time both sides agreed for the transaction to be completed."
"Despite this setback, THB remains committed to its strategy of growth through acquisition.”
The Company will issue its Interim Statement for the six months ended 31 October 2007, which were delayed by the devotion of resources to the PWS transaction, on 18 January 2008.
