London – LAWFUEL – Legal News, Legal Jobs Network – DLA Piper have assisted The Royal Bank of Scotland (RBS) who have provided bid support to Derwent Valley Holdings plc (DVH), who have announced a takeover bid for London Merchant Securities plc (LMS). DVH and LMS are listed property companies.
RBS have provided an acquisition facility to underwrite DVH’s cash alternative for its share-for-share offer. DVH is a surprise bidder for LMS but has their board’s backing and has trumped potential rivals amongst the listed property sector.
The merger of the two companies will create Derwent London plc, a dynamic Central London specialist property company with a combined property portfolio of £2.25 billion.
DLA Piper partner, David Breakell commented: “This was an incredibly demanding deal that was completed in less than a week from instruction. RBS is an important client for us and we were delighted to assist in their bid support of this takeover.”
David Breakell was assisted by associate, Louise Gates and solicitor, Tim Rennie.