LONDON – London listed asset manager Premier Miton Group said on Thursday it has withdrawn a possible offer for investment and consulting company River and Mercantile Group
Premier Miton, which had said in November it approached RMG‘s board to explore taking over the company, said it will not be making any offer and has withdrawn from discussions.
“We have concluded that there are insufficient commercial merits for our shareholders to make a formal proposal for the acquisition of RMG,” PMICEO Mike O’Shea said in a statement on Thursday.
PMI would pursue plans for organic growth, while also exploring “tactical and strategic opportunities”, O’Shea said.
River and Mercantile also received a takeover offer last November from Asset Co.
Asset managers, which actively manage funds, have been bulking up in recent years to cut costs and fight off competition from rivals running cheaper passive, or index-tracking, funds.