Slaughter and May is advising Schroders plc ('Schroders') on a recommended cash offer for Cazenove Capital Holdings Limited ('Cazenove Capital'). The acquisition reflects Schroder’s strategy of growing its private banking business and, in addition, it strengthens its position in UK Intermediary.

The acquisition values Cazenove Capital's fully diluted share capital at approximately £424 million. Schroders will recognise £395 million as the acquisition cost and £29 million as the effective future cost of existing deferred share compensation arrangements for Cazenove Capital employees.

It is intended that the offer, which was announced on 25 March 2013, will be implemented by way of a court-sanctioned scheme of arrangement under Article 125 of the Companies (Jersey) Law 1991. The offer will be financed from Schroder's own resources.

Schroders is the UK's largest listed asset management company. It is listed on the main market of the London Stock Exchange and is a constituent of the FTSE 100 Index. Cazenove Capital provides wealth management and investment funds to a broad range of clients.

Contacts

Corporate and Commercial: Gavin Brown (partner), Oliver Wareham (partner), Paul Dickson (partner), Susannah Macknay (associate), Anthony Doolittle (associate), Sarah Peazer (associate); Financial Regulation: Jan Putnis (partner), Benjamin Hammond (associate), Isabel Paintin; Tax: Tony Beare (partner), Ed Milliner (associate); Pensions and Employment: Roland Doughty (partner), Joanna Morgan (associate); Competition: Bertrand Louveaux (partner), Anna Lyle-Smythe (associate); IP: David Ives (partner), Oliver Savage (associate)

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