Exclusive: Keoghs/Plexus tie-up called off

RollOnFriday has been told by a number of reliable sources that the Keoghs acquisiton of Plexus has been called off.

The deal had been in the works since at least August. In October, all Plexus staff were dialled in to a conference call with management in which they were informed about the imminent sale of the business. Then, earlier this month, Plexus employees were informed by management that the acquisition by Keoghs would be completed within days.

But, according to RoF sources, the deal went "pear-shaped" over the weekend, and has now been called off.

A pear.

It leaves the one-time Golden Turd winner in a dreadful position. A petition to wind up Plexus was filed on 9 October. It was subsequently withdrawn. Plexus had also brought in advisory firm AlixPartners to restructure its business.

Read more on Friday.

Comments

Parabis are in dire straits. Get out while you can.

Any idea what's happening with Cogent and Argent?

There is mention of Plexus in the news reports but not Cogent which is strange. They are not mentioned, wonder if they will still be sold off?

Founding partners ride in to save the day, at a bargain. All is now well at Plexus the darkness has lifted and no more treading on turds gold or otherwise! The Duke Street years were all just a dream.

Statement from Keoghs:

“Following discussions, we can confirm that we will not be acquiring parts of the Parabis business.

“Keoghs are in an extremely fortunate position in that we have the scale, the skills and the structure to quickly respond to these opportunistic openings in the sector, but we will only proceed if they deliver the best possible outcomes for the clients, our business and our people.

“Keoghs will continue to be open to opportunities to further strengthen our position as the leading law firm for the UK defendant insurance market. Our focus is to continue to provide the highest level of expertise and advice to our clients and grow our very strong underlying business.”