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Linklaters has advised a private equity consortium on its rejected £825m bid for Slaughter and May client Shawbrook Bank.
The consortium is formed of two private equity houses – Pollen Street Capital and BC Partners – who both made a second play for Shawbrook last week.
Its bid was rejected by Shawbrook’s board, which recommended that shareholders turn down the revised offer valuing the bank at £825m.
Pollen Street and BC Partners are being advised by Linklaters duo Alex Woodward and Iain Wagstaff, while a number of other firms are understood to have won roles advising on offshore and funds work such as Bedell Cristin, Dickson Minto and Kirkland & Ellis.
Slaughter and May meanwhile has continued to act for the challenger bank throughout the process, with partner David Johnson taking the lead.
Johnson also has a relationship with Pollen Street Capital, but decided to advise the target this time round.
Hogan Lovells partner Dan Simons additionally played a role in the attempted deal, acting on the cash confirmation side.
Interest in acquiring Shawbrook Bank comes just two years after it listed on the London Stock Exchange’s main market.
Challenger banks are said to have felt the pressure post-Brexit, with investors uncertain of the impact on share prices in particular.
Background to the deal
Pollen Street is a former principal shareholder of Shawbrook, with Slaughters’ Johnson advising the private equity house on its IPO exit from the bank just two years ago. Slaughters teamed up with Paul Weiss Rifkind Wharton & Garrison on the listing, which valued Shawbrook at £725m.
Slaughters’ loyalty to Shawbrook opened the doors to Linklaters to pick up the lead mandate for the interested private equity buyers, although the magic circle firm does have longstanding links to Pollen Street as well. The private equity house’s legal function is run by Christopher Palmer, who spent seven years in Linklaters’ capital markets practice prior to joining RBS’ in-house team.
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