UK-based asset management firm Premier Miton has withdrawn from making a potential offer to acquire investment group River & Mercantile (RM).
In November 2021, RM confirmed it had received preliminary approaches from both Premier Miton and AssetCo.
However, Premier Miton announced in a London Stock Exchange filing on 13 January that it was withdrawing from M&A talks.
Mike O’Shea, Premier Miton Group’s chief executive, said: “We are most grateful to the board of RM for their co-operation and assistance as we have assessed the merits of a possible transaction, especially so given the major changes ongoing in their business.
“We have concluded that there are insufficient commercial merits for our shareholders to make a formal proposal for the acquisition of RM.
“We wish the employees at RMG well for their future and we look forward with confidence to pursuing our own strategic plans for organic growth while at the same time exploring tactical and strategic opportunities that can further strengthen our business and accelerate our growth.”
But, River & Mercantile said that while Premier Miton has pulled out of negotiations, “discussions remain ongoing with AssetCo”.
The firm added, however, that “there can be no certainty that a firm offer will be made nor as to the terms of any such offer”.