Blank-check firm Disruptive Capital Acquisition Co said on Thursday it had ended talks with River and Mercantile to buy the British fund manager’s pensions business, clearing the decks for Schroders to acquire the unit.
UK-based R&M, itself a takeover target, last week rejected DCAC’s informal approach to take over the business, just weeks after it agreed to sell it to Schroders for 230 million pounds ($303.21 million).
R&M shareholders will vote on the sale of the business, which manages assets worth 42 billion pounds, to Schroders at a general meeting on Dec. 13.
R&M declined to comment on DCAC’s move to end talks. DCAC had proposed to buy R&M’s unit at a “higher value” than Schroders.
Last month, R&M was approached by rivals Premier Miton Group and AssetCo for a possible buyout of the entire firm.
The fund manager had said any potential deal was conditional on it completing the sale of its pensions business.
Source: Reuters.com