UK wealth manager Charles Stanley has confirmed that its sale to Raymond James will be delayed as the deal is unlikely to receive regulatory approval before the finalisation date.
The two companies agreed and booked a court sanction hearing for 20 December, in anticipation of receipt of Financial Conduct Authority (FCA) approval.
But Charles Stanley said in a London Stock Exchange filing on 13 December 2021 that the two firms have pushed back the court sanction hearing on 20 December to 19 January 2022, as the wealth managers believe that FCA approval” would not be received sufficiently far in advance” before the original court date.
The 19 January date is the first available hearing date in 2022. The completion date is now set for 21 January 2022.
The deal between the two firms was originally agreed on 29 July 2021. Raymond James has agreed to buy the entire share issue of Charles Stanley for a total consideration of £278.9m ($381m, €323m).
