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The battle for fund manager River and Mercantile (R&M) will stretch into next year after the deadline for tabling a formal offer was extended.
The firm is in talks with City veteran Martin Gilbert and rival bidder Premier Miton amid a wave of consolidation in the industry.
Both Gilbert and Premier Miton had until 5pm yesterday to launch a firm offer. But with talks between the R&M board and both suitors ongoing, the takeover panel extended the deadline to 5pm, January 18.
Takeover battle: Fund manager River and Mercantile is in talks with City veteran Martin Gilbert (pictured) and rival bidder Premier Miton amid a wave of consolidation in the industry
‘There can be no certainty that a firm offer will be made,’ R&M said. Gilbert is seeking to buy R&M through his investment vehicle Asset Co.
The 66-year-old father of three is both chairman of Asset Co and deputy chairman of R&M.
He is also chairman of Revolut, Toscafund and Scottish Golf, and senior non-executive director at Glencore.
He has recused himself from the R&M board for the purposes of talks relating to the potential bid.
Asset Co, which specialises in buying and operating wealth managers, already owns a 5.85 per cent stake in R&M.
The swoop comes nearly four decades after Gilbert set up Aberdeen Asset Management.
He built it into a giant with more than £300billion of savings on its books before merging it with Standard Life in 2017.
He stepped down last year, and took control of stock market-listed cash shell Asset Co.
It has secured three acquisitions – including the takeover of Edinburgh investment house Saracen Fund Managers – and raised £25million from investors.
Asset managers are bulking up to fight off rivals running cheaper passive, or index-tracking, funds.
‘Asset Co said the extension ‘should allow sufficient time to finalise a potential offer’.
