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River & Mercantile Group PLC - London-based asset manager - Extends put-up-or-shut-up deadline for AssetCo PLC to make a takeover offer or walk away by a week to Tuesday next week. AssetCo, which is led by Aberdeen Asset Management co-founder Martin Gilbert, welcomes the decision. "Discussions have progressed over the festive period and into January," says AssetCo Chief Executive Officer Campbell Fleming. "The extended period will allow us to finalise a potential offer to acquire River & Mercantile (excluding its Solutions business) for the benefit of both AssetCo and River & Mercantile shareholders. "Over the last few weeks, we have met with additional members of the River & Mercantile team which has confirmed our view of the great potential it has as an active equity and infrastructure investment manager."
Last week, Premier Miton Group PLC said it had decided against making a takeover offer for the asset management business of River & Mercantile. Back in November, both AssetCo and Premier Miton had said they were potentially interested in making an offer, assuming River & Mercantile completed the sale of its Solutions business to Schroders PLC, which subsequently was approved.
Current RMG stock price: 293.00 pence, down 2.3% on Tuesday
12-month change: up 31%
By Tom Waite; thomaslwaite@alliancenews.com
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