Possible Offer by RCL
Slaughter and May is advising DMGT on the Reorganisation, which includes a possible offer by RCL for all the shares in DMGT it does not already own.
The possible offer implies an enterprise value for DMGT of £810 million for all of the trading and investment businesses of DMGT, excluding RMS, the shares DMGT expects to receive on completion of the business combination of Cazoo Holdings Limited with AJAX I (“Cazoo Shares”), and the cash that would be subject to a special distribution. Conditional upon the possible offer becoming or being declared unconditional, DMGT intends to declare a single distribution comprising cash and non-cash assets (being Cazoo Shares).
The possible offer was announced on 12 July 2021.
Sale of RMS
Slaughter and May is also advising DMGT on the potential sale of its Insurance Risk division (“RMS”), following a number of enquiries from third parties. Discussions in relation to a potential sale are ongoing, and it is expected that should terms be agreed, completion of the sale would occur in or around Q3 2021 (calendar year).
In respect of the sale of RMS, Slaughter and May is working as an integrated team with Cravath, Swaine & Moore LLP.
Cravath, Swaine & Moore LLP: Richard Hall / Corporate Partner, Andrew Elken / Corporate Partner, Charlie Dobb / Corporate Associate, Christina Drakeford / Corporate Associate, Nathaniel Pettit / Corporate Associate, Jon Katz / Executive Compensation & Benefits Partner, Len Teti / Tax Partner
Harry Lloyd / Trainee, Elizabeth Cooper / Trainee
Ben Crosby / Trainee