James Hay deal is sealed by Nucleus shareholders

Nucleus’s shareholders have approved James Hay’s cash offer to purchase the firm. 

Each share will be valued at £1.88 – a premium of 42 per cent on Nucleus’ December 1 share price.

The cash offer is £144m in total.

James Hay switched the offer to a takeover strategy in March. James Hay initially required 75 percent of shareholder approval under the original deal. However, only 50 percent of shareholder approval was necessary under the takeover strategy.

If the transaction gains regulatory approval, the James Hay-Nucleus entity will have a combined £45bn assets.

Richard Rowney, chief executive, commented:

“I’m very pleased that shareholders have overwhelmingly accepted our offer.  Shareholder approval is a key milestone in the journey to bring together the respective expertise of Nucleus and James Hay.  

“We are excited by the prospect of working with the Nucleus team as we seek to create a leading independent adviser platform with circa £45bn of assets under administration, and the scale to invest in the technology, products and service for the benefit of advisers and their clients.”

The takeover documents’ comments regarding “maximising efficiency” point to the prospect of job losses across the newly formed company, once the deal has finalised.

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