Ashurst advised J.P. Morgan Cazenove in relation to IMI plc's return of approximately £620 million from its balance sheet to its shareholders. The cash return follows the $1.1 billion disposal of its Beverage Dispense and Merchandising divisions to The Marmon Group, a Berkshire Hathaway company, which was announced on 2 January 2014.

The return to shareholders of 200 pence per existing ordinary share is being effected by way of a B/C share scheme, enabling shareholders to elect to receive their cash proceeds as an immediate income payment, an immediate capital payment, a deferred capital payment or any combination of the three.

The Ashurst team was led by corporate partner Nick Bryans, assisted by corporate senior associate David Dowding, and corporate trainee solicitor Matt Stock. Tax legal manager Alastair Ladkin advised on tax and tax indemnity matters.

Nick Bryans has also previously advised J.P. Morgan Cazenove on the returns of capital by CSR plc, Wood Group plc, Misys plc and Invensys plc and Morgan Stanley on Cairn Energy's US$3.5 billion return to shareholders.