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Mayer Brown and Simmons & Simmons have concluded that they will not proceed with a merger following extensive discussions about a possible tie-up.
As revealed by The Lawyer, the firms had held talks earlier this year that later collapsed (7 June 2010). At that point the firms refused to comment to the press or to their respective partnerships.
However, management at both firms subsequently held secret off-site meetings with a view to hammering out a deal and The Lawyer unveiled that Simmons decided to confirm the talks to its partnership (21 June 2010).
Now the firms have released a joint statement confirming that merger discussions did take place but that the firms have decided not to proceed.
The statement said: “Simmons & Simmons and Mayer Brown have held preliminary discussions with regard to the potential for a merger. Mergers are complex and present a number of issues, which need to be resolved before discussions can proceed.
“We have concluded that a combination between our firms is not the right option. There is, however, considerable goodwill and continuing respect on both sides.”
Had it been successful, a deal would have seen the emergence of a £1bn business, with offices in the US, Brazil, Europe, the Middle East and Asia.