U.K. investment management and consulting group River and Mercantile Group has been approached by AssetCo and Premier Miton Group regarding a potential takeover, River and Mercantile confirmed in a statement Tuesday.
The proposed separate offers are both conditional upon River and Mercantile Group closing of the sale of its U.K. fiduciary management and derivatives business to Schroders, which was announced on Oct. 26. The £230 million ($308 million) transaction is set to close in the first quarter of 2022.
The board of River and Mercantile, which has £47.6 billion in assets under management, confirmed that the sale to Schroders continues to be recommended to the firm's shareholders.
Separately, money manager Premier Miton Group, which owns a 5% stake in River and Mercantile, confirmed in a regulatory release Tuesday that it is considering acquiring the entire issued share capital of River and Mercantile.
After assessing the benefits of the combination, Premier Miton said the scale and cultural fit between the respective businesses would deliver a balanced and resilient business across a diversified offering. Premier Miton had £13.9 billion in assets under management as of Sept. 30.
AssetCo, which was established to acquire, manage and operate asset and wealth management firms, separately confirmed it also submitted an indicative non-binding securities exchange proposal for the entire issued capital of the firm. AssetCo currently owns 5.85% of the firm.
In a regulatory release also Tuesday, AssetCo said the businesses are highly complementary and that a combination of AssetCo and RMG would create significant value for the combined group's clients, portfolio managers, employees and shareholders.