Brickell seeks to cancel £482m R&Q takeover deal
Randall & Quilter has revealed that Brickell has cited a “material breach” and moved to scrap the proposed takeover.
The cash deal valuing R&Q at £482m was first revealed at the start of April and came with a commitment to invest $100m (£76.2m). A shareholder vote on the proposals at a special general meeting was recently delayed from 20 May to 25 May.
In the latest development Randall & Quilter Investment Holdings updated that it had received a letter from Brickell PC Insurance Holdings on the evening of 23 May.
According to R&Q, the letter alleged that R&Q was “in breach of certain obligations under the
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