Company expresses "disappointment" with termination of talks
PWS has responded to the announcement by THB regarding the termination of negotiations relating to the sale of PWS’s Lloyd’s broking business and overseas interests to the broker.
In a statement the company said: "Combining the two businesses was always going to be complex and time consuming. Having said that, from the outset PWS imposed a relatively strict timetable for completion.
"During the process, however, a number of key dates were unfortunately missed and subsequently extended. It has now become clear that, further extension would be required and the Board of PWS concluded the level of ongoing uncertainty this would cause would not be in the Group’s best interests.
"While both sides agree the two companies would have made an ideal strategic fit, PWS is disappointed that a deal will not now be forthcoming. PWS will therefore continue as a successful independent company, pursuing its defined growth strategy as evidenced by a number of key recruits announced lately to expand its broking teams. PWS is currently trading at the best level it has for some years and the Board expects this to continue through 2008."
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