Charles Stanley To Be Bought By Raymond James Financial In £278.9 Mln Cash Deal; Stock Climbs

(RTTNews) - Shares of Charles Stanley Group PLC (CAY.L) were gaining around 43 percent in the morning trading in London after the wealth management company agreed Thursday to be acquired by Raymond James Financial, Inc. (RJF) in a cash deal for about 278.9 million pounds.

Under the deal, Charles Stanley, which was founded over 200 years ago, will be bought by Raymond James UK Wealth Management Holdings Limited for 515 pence in cash per each Charles Stanley Share.

The Acquisition is expected to become Effective in the fourth quarter of 2021. The deal terms represent a premium of approximately 43.5 percent to the Closing Price per Charles Stanley Share of 359 pence on July 28.

The Charles Stanley Directors consider the terms of the acquisition to be fair and reasonable and intend to recommend unanimously that shareholders vote in favour of the Scheme at the Court Meeting.

In London, Charles Stanley shares were trading at 514 pence, up 43.18 percent.