Gartmore and Henderson have confirmed they have entered into negotiations about a conditional offer by Henderson to acquire the entire share capital of the company.
A statement from Henderson says: “Following Gartmore Group Limited’s (Gartmore) announcement today, Henderson Group confirms that it is in discussions regarding a potential acquisition of Gartmore. 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.”
Gartmore says the negotiations are on the basis of a proposal at a slight discount to its share price at the close of trading on December 16. Shares in Gartmore closed at 104.8p on Friday.
If an offer was made for the company on the basis of 95p a share, this would value Gartmore at around £344m.
In November, Gartmore announced that it was undergoing a strategic review and would consider a sale or merger following the departure of star fund manager Roger Guy.