AUSTRIA - UK-based F&C Asset Management has submitted a potential takeover bid for Austrian asset manager C-QUADRAT Investment.
In its annual report earlier this month, F&C had confirmed its intention to bid for the firm and said if the bid is accepted the two founders, Alexander Schultz and Thomas Reiss, would remain involved in the business.
In an announcement to the London Stock Exchange yesterday, F&C said it offered a price of €12.50 (US$16.71) per share for the institutional and retail manager. F&C issued offer documents to the Austrian Takeover Commission on March 22.
C-QUADRAT is a quantitative manager with some €2.7bn in assets.
C-QUADRAT member of the supervisory board Andreas Wimmer declined to comment on the offer. "Due to Austrian law, I can't comment until the Austrian Takeover Commission has approved the bid," he said.
He added the commission has up to 15 working days to approve a bid.
In it's filing to the LSE, F&C said: "A further announcement will be made in due course."
In its annual report, F&C said it planned to grow organically and via acquisitions. F&C said it was "on a long-term journey to diversify beyond our traditional core business mix by expanding our presence across multiple client segments in specialist business areas which offer scalable, high growth potential".
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