Rathbone Brothers has confirmed it is in takeover talks with Scottish investment manager Speirs & Jeffrey in a potential deal worth £200m.
In a stock exchange announcement released this morning, the group says it “regularly assesses various acquisition opportunities in line with its stated strategy”.
However, it states that no binding offer has been made and that there is “no certainty” it will be made, nor that an agreement will be reached with the board and shareholders of Speirs & Jeffrey.
It follows a report by The Telegraph at the weekend that Rathbones and Permira were preparing bids for Speirs and Jeffrey in an estimated deal of around £200m.
If the move goes ahead this will be the second time the companies have gone up against each other in less than a year.
However, the deal broke down when Smith & Williamson decided to list on the stock exchange.
According to reports, the sale of Speirs & Jeffrey could net its 10 partners up to £20m each.