Disruptive Capital ends talks with River and Mercantile over pensions business buyout (updated)

2026 Corporate Holdings

09/12/2021 12:22

(Adds details, background on the business)
    Dec 9 (Reuters) - Blank-check firm Disruptive Capital
Acquisition Co  DCACS.AS  said on Thursday it had ended talks
with River and Mercantile  RIV.L  to buy the British fund
manager's pensions business, clearing the decks for Schroders
 SDR.L  to acquire the unit.
    UK-based R&M, itself a takeover target, last week rejected
DCAC's informal approach to take over the business, just weeks
after it agreed to sell it to Schroders for 230 million pounds
($303.21 million).  urn:newsml:reuters.com:*:nL4N2RM24R
    R&M shareholders will vote on the sale of the business,
which manages assets worth 42 billion pounds, to Schroders at a
general meeting on Dec. 13.
    R&M declined to comment on DCAC's move to end talks. DCAC
had proposed to buy R&M's unit at a "higher value" than
Schroders. 
    Last month, R&M was approached by rivals Premier Miton Group
 PMIP.L  and AssetCo  ASTO.L  for a possible buyout of the
entire firm.  urn:newsml:reuters.com:*:nL4N2SE1LT
   The fund manager had said any potential deal was conditional
on it completing the sale of its pensions business.

($1 = 0.7586 pounds)

 (Reporting by Sinchita Mitra in Bengaluru; Editing by Anil
D'Silva)
 ((Sinchita.Mitra@thomsonreuters.com;))