BMO Financial Group is in “advanced discussions” regarding an offer to purchase U.K. money manager F&C Asset Management, according to a London Stock Exchange stock exchange announcement.
The announcement, filed by F&C Asset Management — which has £90.1 billion ($149.3 billion) under management — said BMO had made an indicative offer of 120 pence in cash per ordinary share. As of Jan. 27, F&C reported more than 581 million shares, which calculates to an offer of £700 million.
“This announcement does not amount to … a firm intention to make an offer, and there is no certainty that an offer will be made,” according to the announcement. F&C said the announcement had been made with the consent of BMO.
BMO must announce its intention — to make an offer or not — by 5 p.m. Feb. 24.
Spokesmen for F&C Asset Management and BMO Financial declined to comment beyond the announcement.