BLG chief exec: Clydes deal is no rescue merger

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  • I dont see the relevance of the private equity remarks.
    This is hardly a liquidity event for either party.
    I also dont see the relevance to this situation of any historic mergers between either firm's key clients (whom I assume are either insurance brokers or underwriters).
    I know nothing about this firm other than its trading margin has been poor over a prolonged period compared to its peers. It would have been interesting to see if the current management could have turned it around without reverting to merger.

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  • Merger is not failure: this is the wake up call to law firm management teams. The test is simple. A rescue merger never does more than consolidate and shore up weak positions. It buys time and can make sense. However, a strategic merger changes the landscape: it puts competitors on the back foot and forces them to re-think their strategy under pressure. This merger shows every sign of falling into the latter category. Would this merger have really drawn this amount of comment if it was not sending shockwaves?

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  • Is it diworsification for Clydes?

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  • Has there been any mention of Clydes taking on those Halliwells client account liabilities the SRA are interested in? And what about those Halliwells partners in management at the time of the 'client account fiasco', the Kevin Finnigans et al that may be subject to "regulatory and disciplinary steps"? Nice to enter the UK top 10 with the SRA investigating your partnership!

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