KazPost

Kazakhstan News
Tuesday, Mar 28, 2023

Abu Dhabi-backed Apex in talks about bid for stricken MJ Hudson

Abu Dhabi-backed Apex in talks about bid for stricken MJ Hudson

Apex Group is in advanced talks about an agreed takeover of crisis-hit MJ Hudson Group with an announcement expected next week.
A financial services giant backed by an Abu Dhabi sovereign fund is in advanced talks about a takeover of MJ Hudson Group, the struggling London-listed asset management services provider.

Sky News has learned that Apex Group is in detailed negotiations with MJ Hudson's board about a formal offer for the company, weeks after emerging as a suitor to buy a number of its divisions.

City sources said on Friday that an agreement between the two sides could be announced as early as next week.

Apex Group, which is based in Bermuda and has 12,000 employees, provides services to $3trn of client assets.

It is part-owned by Mubadala, the Abu Dhabi sovereign wealth fund, and the private equity firms Carlyle and TA Associates.

An insider said that while the talks were at an advanced stage, they could yet fall apart.

Apex had expressed an interest in acquiring the bulk of MJ Hudson's operations - excluding its legal services arm - but recently switched its attention to an offer for the whole company, the insider said.

MJ Hudson, which provides a range of services to asset management groups, has been plunged into crisis in recent months after an accounting review uncovered details of loans guaranteed by its chief executive to subsidiaries of the company.

Its shares were suspended, and its auditor, EY, resigned after less than 18 months, citing a lack of confidence in management.

Founder Matthew Hudson resigned last month.

The company has also parachuted in an interim finance chief following an announcement that it had suspended Peter Connell, the former chief financial officer.

MJ Hudson, which floated on London's junior stock market on the day of the 2019 general election, is an asset management consultancy which advises on issues such as sustainability and helping clients to benchmark themselves against their competitors.

In December, it announced that its shares were being suspended after being made "aware of…issues, including in relation to the reporting of historical trading of the business in relation to [fiscal year] 2022, the full impact of which is unclear".

MJ Hudson had warned investors in October that it was in discussions with its auditors about adjustments to its full-year figures.

It added more recently that it had also appointed external accounting advisers to assist it "in achieving the necessary clarity to enable the year end FY 2022 reporting to be completed".

MJ Hudson's shares were suspended at 13.13p, leaving it with a market value of just £26.7m - down two-thirds on a year earlier.

The company had received other takeover interest in a number of its operations from the likes of Hawksford, With Intelligence, which is owned by the investment firm Intermediate Capital Group (ICG), and Inflexion Private Equity.

Last week, it announced the sale of its UK asset management business to Khepri Limited for just £1m.

Alvarez & Marsal (A&M), the professional services firm, has been handling the sale process, while Apex is being advised by Rothschild.

Apex and MJ Hudson both declined to comment.
Newsletter

Related Articles

KazPost
Close
0:00
0:00
AOC explains why she opposes banning TikTok
Singapore’s Prime Minister says China and US need to stabilize relations because world can't afford a confict between the two superpowers
Gordon Moore, a co-founder of Intel Corporation, died at 94
Powell: Silicon Valley Bank was an 'outlier'
Donald Trump arrested – Twitter goes wild with doctored pictures
NYPD is setting up barricades outside Manhattan Criminal Court ahead of Trump arrest.
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
Paris Rioting vs Macron anti democratic law
'Sexual Fantasy' Assignment At US School Outrages Parents
Orbán Viktor: the restructuring of the power relations in the whole of Europe is taking place
Credit Suisse to borrow $54 billion from Swiss central bank
Russian Hackers Preparing New Cyber Assault Against Ukraine
"Will Fly Wherever International Law Allows": US Warns Russia After Drone Incident
China is calling out the US, UK, and Australia on their submarine pact, claiming they are going further down a dangerous road
A brief banking situation report
We are witnessing widespread bank fails and the president just gave a 5 min speech then walked off camera.
Donald Trump's asked by Tucker Carlson question on if the U.S. should support regime change in Russia?.
Elon Musk Is Planning To Build A Town In Texas For His Employees
The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe
City officials in Berlin announced on Thursday that all swimmers at public pools will soon be allowed to swim topless
Fitness scam
Market Chaos as USDC Loses Peg to USD after $3.3 Billion Reserves Held by Silicon Valley Bank Closed.
Banking regulators close SVB, the largest bank failure since the financial crisis
Silicon Valley Bank: Struggles Threaten Tech Startup Ecosystem"
The unelected UK Prime Minister Rishi Sunak, an immigrant himself, defends new controversial crackdown on illegal migration
Man’s penis amputated by mistake after he’s wrongly diagnosed with a tumour
In a major snub to Downing Street's Silicon Valley dreams, UK chip giant Arm has dealt a serious blow to the government's economic strategy by opting for a US listing
It's the question on everyone's lips: could a four-day workweek be the future of employment?
Is Gold the Ultimate Safe Haven Asset in Times of Uncertainty?
Corruption and Influence Buying Uncovered in International Mainstream Media: Investigation Reveals Growing Disinformation Mercenaries
European MP Clare Daly condemns US attack on Nord Stream
Kamala Harris: "The United States has formally determined that Russia has committed crimes against humanity."
US Joins 15 NATO Nations in Largest Space Data Collection Initiative in History
White House: No ETs over the United States
U.S. Jet Shoots Down Flying Object Over Canada
Nord Stream terror attack: David Sacks breaks down Sy Hersh's story
Being a Tiktoker might be expensive…
SpaceX, the private space exploration company, made a significant breakthrough in their mission to reach space.
China's top tech firms, including Alibaba, Tencent, Baidu, NetEase, and JD.com, are developing their own versions of Open AI's AI-powered chatbot, ChatGPT
This shocking picture, showing how terrible is the results of the earthquake in Turkey
The desk of King Carlos Alberto of Sardinia has many secret compartments
Today's news from Britain - 9th February 2023
The five largest oil companies in the West generated combined profits of nearly $200 billion in 2022, which has led to increased calls for governments to impose tougher windfall taxes
2 earthquakes in Turkey killed over 2,300 people
Turkish photographer Ugur Gallenkus portrays two different worlds within a single image. Brilliant work
Charlie Munger, calls for a ban on cryptocurrencies in the US, following China's lead
EU found a way to use frozen Russian funds
First generation unopened iPhone set to fetch more than $50,000 at auction.
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
Almost 30% of professionals say they've tried ChatGPT at work
×