Did Reed Smith Just Get Dumped In Merger Talks?
Love on the rocks!
Love on the rocks! The contemplated merger between Reed Smith and Pepper Hamilton was not meant to be. According to The Legal Intelligencer, the talks were called off late Friday.
Predictably, both public statements were polite, cordial, and totally devoid of any real details about the merger talks:
According to a statement late Friday from Pepper Hamilton confirming that talks were ending, the firm said, “Today, Pepper Hamilton decided to end our discussions with Reed Smith. While we were intrigued when Reed Smith approached us, we determined that moving forward is not in the best interest of Pepper. Pepper prides itself on talented people providing premier legal services to our clients. These core Pepper values are what we do best, and it is why our firm is held in such high regard by our clients and the entire legal community.”
In a statement Friday, Reed Smith said that “in order to better serve our global clients,” the firm “periodically has discussions with other firms regarding joining forces.” Reed Smith said it had “preliminary” discussions with Pepper Hamilton, a firm it said it knows well and respects.
“While our conversations with Pepper Hamilton were positive and informative, both firms have concluded that for a variety of reasons those discussions should end,” Reed Smith said in a statement.
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The Legal Intelligencer also got a hold of an internal Pepper Hamilton email from Chairman Thomas M. Gallagher explaining Pepper Hamilton was the dumper in this potential merger:
“Consistent with our strategy, our primary focus has always been on our people and our clients, and we believe it is appropriate to end our discussions with Reed Smith, a highly-respected firm. We will continue to be faithful to our strategy.”
If Reed Smith wants to merge, it looks like it will have to look somewhere else.
Pepper Hamilton and Reed Smith End Merger Discussions [Legal Intelligencer]
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