River & Mercantile Group PLC - London-based asset manager - Agrees to extend the deadline for suitors Premier Miton Group PLC and AssetCo PLC to announced a firm intention to make a takeover offer until January 18. Statements of intent previously had been due by Tuesday under rules set by the UK Takeover Panel. River & Mercantile says it remains in talks with both. Offers had been conditional on River & Mercantile completing the sale of its Solutions business to Schroders PLC, and RMG shareholders approved the Schroders deal last month. The disposal leaves just the RMG Asset Management business.
AssetCo, led by Aberdeen Asset Management co-founder Martin Gilbert, says Tuesday it "continues to believe that RMG Asset Management and AssetCo are highly complementary and that a combination of AssetCo and RMG Asset Management would create significant value".
Current RMG stock price: 303.74 pence, up 0.6% on Tuesday for GBP260 million market capitalisation
Year-to-date change: up 76%
By Tom Waite; thomaslwaite@alliancenews.com
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Assetco (ASTO)
Premier Miton (PMI)