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(Alliance News) - AssetCo PLC is on the verge of acquiring River & Mercantile Group PLC, Sky News reported on Monday.
AssetCo could announce as early as Tuesday that it has struck a deal to buy the asset manager, Sky News added.
Negotiations between the parties are ongoing but a deal is not certain to be struck before a 5pm Takeover Panel deadline on Tuesday, Sky News reported, citing city sources.
https://news.sky.com/story/asset-management-veteran-gilbert-closes-in-on-deal-to-buy-river-and-mercantile-12524581
AssetCo has circled River & Mercantile for a number of months. In November, both AssetCo and fellow London listing Premier Miton Group PLC confirmed they initiated discussions with River & Mercantile.
Earlier in January, Premier Miton decided against bidding for the asset manager.
River & Mercantile shares closed 1.3% lower at 296.00 pence each in London on Monday. The company has a market capitalisation of GBP252.9 million. AssetCo shares closed up 1.8% at 1,522.00p each.
By Eric Cunha; ericcunha@alliancenews.com
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