Fund manager Henderson snaps up rival Gartmore
Anglo-Australian asset management firm Henderson has agreed to buy Gartmore in an all-shares takeover which values the rival British firm at 335.3 million pounds, the pair said Wednesday.
The deal, pitched at 92.1 pence per Gartmore share, is worth the equivalent of 403 million euros or 523 million dollars.
"The boards of Henderson and Gartmore are pleased to announce that agreement has been reached on the terms of a recommended acquisition by Henderson of the entire issued share capital of Gartmore," they said in a joint statement.
"The acquisition of Gartmore is a great opportunity for Henderson," said Henderson Chief Executive Andrew Formica.
"Gartmore is one of the best known firms in UK fund management and its assets are performing well," he added.
Under the terms of the friendly takeover, Gartmore investors will receive 0.6667 of a new Henderson share for each Gartmore share that they hold.
© 2011 AFP