River and Mercantile in UK rejects new approach to retirement business

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Dec. 1 (Reuters) – UK fund manager River and Mercantile Group (R&M) (RIV.L) said on Wednesday it had rejected an approach to informal buyout of a blank check company for its retirement business that ‘she had agreed to sell to Schroders (SDR.L).

Special purpose acquisition company Disruptive Capital Acquisition Company (DCAC) (DCACS.AS) said earlier today that it had offered to buy R&M’s retirement business at “greater value” than the Schroders offer 230 million pounds ($ 307 million).

R&M agreed in October to sell Schroders the company that manages £ 42 billion in assets and serves more than 100 clients, mostly pension plan administrators.

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The R&M transaction, itself a buyout target, aimed to focus on its core asset management business.

R&M said on Wednesday it continued to support Schroders’ bid and saw “significant uncertainty” around the value and form of the DCAC proposal, as well as the availability and sources of funding. .

Schroders and DCAC did not immediately respond to requests for comment.

R&M said last week it had received preliminary approaches for a possible takeover of rivals Premier Miton Group (PMIP.L) and AssetCo (ASTO.L).

Any potential deal was conditional on R&M finalizing the sale of its retirement business, he said.

($ 1 = 0.7500 pounds)

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Reporting by Aby Jose Koilparambil and Sachin Ravikumar in Bengaluru; Editing by Aditya Soni

Our Standards: Thomson Reuters Trust Principles.

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