Home Business UK’s River and Mercantile rejects new approach for pensions business

UK’s River and Mercantile rejects new approach for pensions business

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Dec 1 (Reuters) – British fund manager River and Mercantile Group (R&M) (RIV.L) said on Wednesday it had rejected an informal takeover approach from a blank-check company for its pensions business that it had agreed to sell to Schroders (SDR.L).

Special-purpose acquisition company Disruptive Capital Acquisition Company (DCAC) (DCACS.AS) said earlier in the day it had proposed to buy R&M’s pensions business at a “higher value” than Schroders’s 230 million pounds ($307 million) offer.

R&M had in October agreed to sell to Schroders the business that manages assets worth 42 billion pounds and serves more than 100 clients, mainly trustees of pension schemes.

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The move by R&M, itself a takeover target, was aimed at focusing on its mainstay asset management business.

R&M said on Wednesday it continued to back Schroders’ offer and that it saw “material uncertainty” around the value and form of DCAC’s…

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