Shares of Schroders PLC (SDR.L) were gaining around 29 percent in the morning trading in London after the British asset manager on Thursday announced its agreement to be acquired by Nuveen, LLC for around 9.9 billion pounds.
Nuveen, a Teachers Insurance and Annuity Association of America or TIAA company, has agreed to offer a total value of up to 612 pence per Schroders Share through Bidco Pantheon, LLC.
The per share price comprises cash consideration of 590 pence per Schroders Share; and permitted Dividends of up to 22 pence per Schroders Share.
The cash consideration represents a premium of approximately 29 percent to the Closing Price of 456 pence per Schroders Share on February 11, being the last Business Day before the announcement.
Bidco has received irrevocable undertakings in respect of a total of 42 percent stake in Schroders.
On the London Stock Exchange, Schroders shares were trading at 587.50 pence, up 28.56%.
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