Henderson in £335m deal for Gartmore

first_imgWednesday 12 January 2011 2:55 am whatsapp Share whatsapp Tags: NULL More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.com Henderson in £335m deal for Gartmore Show Comments ▼ John Dunne Anglo Australian funds manager Henderson Group is to buy rival Gartmore in a £335m deal.Gartmore shareholders will receive two Henderson shares for every three Gartmore shares, under the proposal.Completion of the acquisition is expected to take place within the next three months, subject to a number of shareholder and regulatory approvals.“By bringing across fund managers and integrating the business onto our own platform we will be able to enhance margins significantly,” said Henderson chief executive Andrew Formica.The boards of both companies intend to recommend “unanimously” to shareholders that they accept the offer, Henderson said.If successful, the deal will create one of the largest British retail asset managers, running assets of around 78 billion pounds.Gartmore shareholders will hold around 22.5 percent of the enlarged group if the deal completes and Henderson has received irrevocable undertakings to support the bid representing 60 percent of Gartmore’s shares, Henderson said.Henderson said Gartmore fund managers with collective responsibility for 84 per cent of Gartmore’s assets under management have endorsed the deal, slaking fears many could walk out under new management.Henderson confirmed on December 20 that it was in takeover talks with Gartmore, which has suffered key staff losses and outflows since listing at 220 pence in December 2009.Institutional shareholders in Gartmore have advocated a quick sale, following the departure of fund manager Roger Guy, responsible for about 17 per cent of its assets.Henderson was touted as a potential bidder for Gartmore having raised its stake in the rival to just over 14 per cent from nearly 12.4 per cent, even though Henderson had maintained it was interested in a company that would give it greater exposure to US markets. last_img read more