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Lovell Minnick-backed Jewel Bidco completes acquisition of Charles Taylor

U.K.-based insurance broker Charles Taylor PLC said its acquisition by Lovell Minnick Partners LLC-backed Jewel Bidco Ltd. became effective Jan. 21, after it was authorized by the High Court of Justice in England and Wales Jan. 16.

Jewel Bidco now owns Charles Taylor's entire issued and to be issued share capital.

Both companies agreed to the initial terms of the acquisition in September 2019. However, Jewel Bidco increased the cash offer to 345 pence per share from 315 pence per share for the purchase of 100% of Charles Taylor, after an unnamed third-party showed interest in making a potential offer for the company in November 2019, but backed out later.

Charles Taylor noted that the listing of its shares on the premium listing segment of the Official List and trading of shares on the London Stock Exchange's main market were suspended on Jan. 20. Applications have been made to the Financial Conduct Authority and the LSE regarding the de-listing and cancellation of trading of the shares, expected to take place Jan. 22.

Meanwhile, Edward Creasy, Gill Rider, Paul Hewitt, Barnabas Hurst-Bannister and Tamer Ozmen resigned from Charles Taylor's board, effective today.