Henderson confirms Gartmore takeover talks

 
City A.M. Reporter
ANGLO-AUSTRALIAN fund management house Henderson Group has confirmed it is negotiating the potential takeover of struggling rival funds firm Gartmore.

Gartmore said on Friday it had entered into talks with Henderson on the basis of a proposal priced at “a slight discount” to Gartmore's closing share price of 98.75p on December 16, valuing the company at £360m.

“Henderson's proposal is conditional. No terms have been agreed and there can be no certainty that a transaction would proceed on the basis set out in Gartmore’s announcement,” the fund manager said.

Gartmore announced last month it had appointed bankers to seek a merger or sale after star fund manager Roger Guy announced he was retiring from the company, shortly after the departure of close colleague Guillaume Rambourg.

Henderson is no stranger to the acquisition trail, having bought rival New Star Asset Management last year, though talks to buy US boutique RidgeWorth from SunTrust faltered in July.