I missed this report at the time, and am grateful to one of my readers for pointing it out to me.
NEW YORK–(BUSINESS WIRE)–Apr. 23, 2013– Duff & Phelps Corporation today announced the completion of its acquisition by a consortium comprising The Carlyle Group, Stone Point Capital LLC, Pictet & Cie, on behalf of certain of its clients, and funds managed by Edmond de Rothschild Group in an all-cash transaction valued at approximately $665.5 million.
As previously disclosed, the transaction was approved by the Company’s stockholders at a special meeting of stockholders held April 22, 2013. Pursuant to the terms of the merger agreement, the Company’s Class A stockholders are entitled to receive $15.55 per share of Class A common stock in cash without interest. As a result of the merger, the Company’s Class A common stock will no longer be listed for trading on the New York Stock Exchange.
Stockholders of record will receive a letter of transmittal and instructions on how to surrender their shares of the Company’s Class A common stock in exchange for the merger consideration. Stockholders of record should wait to receive the letter of transmittal before surrendering their shares.
The deal involves the whole of Duff & Phelps’ global business, including its British arm.
The three men closely involved with the Rangers administration, Paul Clark, David Grier and David Whitehouse, remain listed as “Managing Directors” of the UK arm.
There remains at least one ongoing investigation by the Insolvency Practitioners’ Association into the handling of the administration.
One wonders if there was any account taken of the potential for liability on the part of Duff & Phelps UK should any wrongdoing be proved (and of course D&P maintain that they did a fine job and succeeded in fulfilling its statutory goals in the process).
At a price of over £400 million, I imagine that any financial issues which would be tiny by comparison would have had little effect on the deal. However, as private equity is not known for its generosity, I suspect that there are indemnities in place which mean that it would not be the new owners who would pick up the bill if there was any liability established.
Since the administration process ceased, and BDO took over as liquidation started, we have heard very little from D&P – even when Mr Whyte’s taped conversations appeared.
I imagine that we have not however heard the last of them in the context of Rangers…
Posted by Paul McConville