THE company that oversaw the administration of Rangers Football Club has been bought over in a multimillion-pound deal that may result in its directors being paid massive bonuses.
Shares in Duff & Phelps leapt in value after the firm announced it is to merge with The Carlyle Group in a deal worth more than £400 million, subject to shareholder approval. It is unclear whether Paul Clark and David Whitehouse, the former Ibrox administrators and managing directors of the firm in London and Manchester, will share in the windfall.
Shareholders have been promised a cash premium, which is thought to be equal to £9.50 a share – a 30% rise above the company's last valuation.
Noah Gottdiener, chief executive officer, said: "Duff & Phelps board of directors, acting on advice from the company's legal and financial advisers, agrees this transaction is in the best interest of our stockholders, who will receive an immediate and certain cash premium for their shares."
He said the deal would be "structured to preserve the firm's independence as we serve our clients in the future".
All members of the senior management team have agreed to remain in their posts after the merger is complete.
The firm, which has offices worldwide, was brought in by former Rangers owner Craig Whyte on February 14 last year after the club was placed into administration over an unpaid £9m tax and PAYE bill.
It earned £2.7m from the process, but was unable to find a buyer and Rangers were placed into liquidation.
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