Slaughters forfeits £11m fee

Slaughter and May lost out on a whopping £11m fee when the Six Continents (6C) shareholders spurned the advances of entrepreneur Hugh Osmond three weeks ago.

Slaughters, which would have got an investment bank-style contingency fee of £12m had Osmond closed the deal, settled last Friday for just £1m after Osmond’s offer fell at the first hurdle.

A source close to the deal said Slaughters was happy with £1m for three months work. Another source confirmed this was still a good return for Slaughters’ efforts.

The Lawyer understands that if Osmond had defeated 6C’s merger plans, Slaughters could have won a significant uplift from £1m. But the hostile takeover bid was overwhelmingly rejected.

This was the first time Osmond has turned to Slaughters since his decision to instruct Clifford Chance for the first time last year.

Slaughters declined to comment.