Jardine Lloyd Thompson / Marsh & McLennan

Jardine Lloyd Thompson / Marsh & McLennan: Regulatory Risks and Entry Points



Publication Date: September 20, 2018


Research Report Overview

Marsh & McLennan, the US insurance broker, announced a recommended offer for UK-listed insurance broker Jardine, Lloyd and Thompson at 1,915p cash per share, to be implemented via a Scheme of Arrangement. Limited regulatory clearances have been disclosed (US, EU and FSMA) and the parties forecast closing in spring 2019, with a long stop date of 31-Dec-19.


Contents (8 Pages):

1. Regulatory Risks Hidden but Manageable; the FCA Investigation 2. Deal Structured to Get Swift Shareholder Approval; the JLT Vote 3. Risk Arbitrage Trading Thoughts Appendix A. Deal Structure


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Deal Timeline

Jardine Lloyd Thompson / Marsh & McLennan

October 2018

Deal Announced: September 18, 2018
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