16th Aug 2023 22:23
(Alliance News) - Premier Miton Group PLC held talks with AssetCo to acquire parts of the River & Mercantile business, though discussions stalled, Sky News reported on Wednesday.
Sky News, citing a source, reported that fund manager Premier Miton may yet re-engage with AssetCo over a possible R&M deal.
AssetCo in June 2022 completed the GBP99 million acquisition of River & Mercantile Group PLC. It then sold River & Mercantile US Holdings Ltd for USD8.8 million to Agilis Holdings Company LLC in August of the same year.
AssetCo is chaired by Martin Gilbert, a former chief executive of abrdn PLC, back when it was named Standard Life Aberdeen.
AssetCo shares rose 1.2% to 43.00 in London on Wednesday, though it is down 42% over the past 12 months. Premier Miton ended flat at 74.00p on Wednesday, and its stock is 37% lower over the past year.
By Eric Cunha, Alliance News news editor
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