Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Abu Dhabi-backed Apex in talks about bid for stricken MJ Hudson

Abu Dhabi-backed Apex in talks about bid for stricken MJ Hudson

Apex Group is in advanced talks about an agreed takeover of crisis-hit MJ Hudson Group with an announcement expected next week.
A financial services giant backed by an Abu Dhabi sovereign fund is in advanced talks about a takeover of MJ Hudson Group, the struggling London-listed asset management services provider.

Sky News has learned that Apex Group is in detailed negotiations with MJ Hudson's board about a formal offer for the company, weeks after emerging as a suitor to buy a number of its divisions.

City sources said on Friday that an agreement between the two sides could be announced as early as next week.

Apex Group, which is based in Bermuda and has 12,000 employees, provides services to $3trn of client assets.

It is part-owned by Mubadala, the Abu Dhabi sovereign wealth fund, and the private equity firms Carlyle and TA Associates.

An insider said that while the talks were at an advanced stage, they could yet fall apart.

Apex had expressed an interest in acquiring the bulk of MJ Hudson's operations - excluding its legal services arm - but recently switched its attention to an offer for the whole company, the insider said.

MJ Hudson, which provides a range of services to asset management groups, has been plunged into crisis in recent months after an accounting review uncovered details of loans guaranteed by its chief executive to subsidiaries of the company.

Its shares were suspended, and its auditor, EY, resigned after less than 18 months, citing a lack of confidence in management.

Founder Matthew Hudson resigned last month.

The company has also parachuted in an interim finance chief following an announcement that it had suspended Peter Connell, the former chief financial officer.

MJ Hudson, which floated on London's junior stock market on the day of the 2019 general election, is an asset management consultancy which advises on issues such as sustainability and helping clients to benchmark themselves against their competitors.

In December, it announced that its shares were being suspended after being made "aware of…issues, including in relation to the reporting of historical trading of the business in relation to [fiscal year] 2022, the full impact of which is unclear".

MJ Hudson had warned investors in October that it was in discussions with its auditors about adjustments to its full-year figures.

It added more recently that it had also appointed external accounting advisers to assist it "in achieving the necessary clarity to enable the year end FY 2022 reporting to be completed".

MJ Hudson's shares were suspended at 13.13p, leaving it with a market value of just £26.7m - down two-thirds on a year earlier.

The company had received other takeover interest in a number of its operations from the likes of Hawksford, With Intelligence, which is owned by the investment firm Intermediate Capital Group (ICG), and Inflexion Private Equity.

Last week, it announced the sale of its UK asset management business to Khepri Limited for just £1m.

Alvarez & Marsal (A&M), the professional services firm, has been handling the sale process, while Apex is being advised by Rothschild.

Apex and MJ Hudson both declined to comment.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Russia’s President Putin Declares Burevestnik Nuclear Cruise Missile Ready for Deployment
US Administration Under President Donald Trump Reportedly Lifts Ban on Ukraine’s Use of Storm Shadow Missiles Against Russia
White House Announces No Imminent Summit Between Trump and Putin
China Presses Netherlands to “properly” Resolve the Nexperia Seizure as Supply Chain Risks Grow
Merz Attacks Migrants, Sparks Uproar, and Refuses to Apologize: “Ask Your Daughters”
Apple Challenges EU Digital Markets Act Crackdown in Landmark Court Battle
Shouting Match at the White House: 'Trump Cursed, Threw Maps, and Told Zelensky – "Putin Will Destroy You"'
‘No Kings’ Protests Inflate Numbers — But History Shows Nations Collapse Without Strong Executive Power
"The Tsunami Is Coming, and It’s Massive": The World’s Richest Man Unveils a New AI Vision
EU Moves to Use Frozen Russian Assets to Buy U.S. Weapons for Ukraine
Europe Emerges as the Biggest Casualty in U.S.-China Rare Earth Rivalry
“Firepower” Promised for Ukraine as NATO Ministers Meet — But U.S. Tomahawks Remain Undecided
The Sydney Sweeney and Jeans Storm: “The Outcome Surpassed Our Wildest Dreams”
Dutch Government Seizes Chipmaker After U.S. Presses for Removal of Chinese CEO
AI and Cybersecurity at Forefront as GITEX Global 2025 Kicks Off in Dubai
Ex-Microsoft Engineer Confirms Famous Windows XP Key Was Leaked Corporate License, Not a Hack
Hungarian Prime Minister Viktor Orbán stated that Hungary will not adopt the euro because the European Union is falling apart.
Mayor in western Germany in intensive care after stabbing
Australian government pays Deloitte nearly half a million dollars for a report built on fabricated quotes, fake citations, and AI-generated nonsense.
BYD’s UK Sales Soar Nearly Nine-Fold, Making Britain Its Biggest Market Outside China
Latvia to Bar Tourist and Occasional Buses to Russia and Belarus Until 2026
Wave of Complaints Against Apple Over iPhone 17 Pro’s Scratch Sensitivity
Munich Airport Reopens After Second Drone Shutdown
Pro Europe and Anti-War Babiš Poised to Return to Power After Czech Parliamentary Vote
Sean ‘Diddy’ Combs Sentenced to Fifty Months in Prison Following Prostitution Conviction
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
European Officials Fear Trump May Shift Blame for Ukraine War onto EU
The Personality Rights Challenge in India’s AI Era
Italy Considers Freezing Retirement Age at 67 to Avert Scheduled Hike
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Study Finds No Safe Level of Alcohol for Dementia Risk
Trump Says Ukraine Can Fully Restore Borders with NATO Backing
Europe Signals Stronger Support for Taiwan at Major Taipei Defence Show
Germany Weighs Excluding France from Key European Fighter Jet Programme
Cyberattack Disrupts Check-in and Boarding Systems at Major European Airports
Björn Borg Breaks Silence: Memoir Reveals Addiction, Shame and Cancer Battle
When Extremism Hijacks Idealism: How the Baader-Meinhof Gang Emerged and Fell
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
Trump Orders $100,000 Fee on H-1B Visas and Launches ‘Gold Card’ Immigration Pathway
France’s Looming Budget Crisis and Political Fracture Raise Fears of Becoming Europe’s “Sick Man”
Three Russian MiG-31 Jets Breach Estonian Airspace in ‘Unprecedentedly Brazen’ NATO Incident
European manufacturers against ban on polluting cars: "The industry may collapse"
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
Christian Brueckner Released from German Prison after Serving Unrelated Sentence
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
×