Charles Taylor £285 million takeover by Lovell Minnick
Davis Polk is advising Charles Taylor plc in connection with the increased recommended cash offer for its entire share capital by a bidco formed on behalf of funds advised by Lovell Minnick Partners LLC and its affiliates. The increased recommended cash offer values the entire share capital of Charles Taylor at approximately £285 million, a premium of 9.5% to the original recommended cash offer announced on September 19, 2019.
Save for the increased price, the terms of the transaction remain unchanged. The offer, to be implemented by way of a U.K. scheme of arrangement, is subject to regulatory approvals and other customary conditions. The transaction is expected to complete in early 2020.
Charles Taylor is a global provider of professional services and technology solutions to the insurance market. Dating back to 1884, it now employs approximately 3,100 staff in more than 120 locations spread across 30 countries in Europe, the Americas, Asia-Pacific, the Middle East and Africa. Charles Taylor has been listed on the Official List and traded on the Main Market of the London Stock Exchange since 1996 under the symbol LSE: CTR. Lovell Minnick is a private equity firm focused on investments in the global financial services industry, including related technology and business services companies and that provides buyout and growth capital. Pantheon is a leading global investor in private equity, infrastructure, real estate and debt, owned by the Pantheon partners along with Affiliated Managers Group Inc.
The Davis Polk corporate team includes partners Will Pearce and Dan Hirschovits and associate Joseph Scrace. Partner Jonathan Cooklin and associate Dominic Foulkes are providing tax advice. Counsel Nicholas Spearing and associates Mark Chalmers and Matthew Yeowart are providing regulatory and antitrust advice. All members of the Davis Polk team are based in the London office.