River and Mercantile Group (RMG) has approved the extension of the date by which AssetCo has to either confirm its intention to buy the remaining shares in the listed asset manager or state that it will not make an offer.

The statement must be made by 5pm on 18 January 2022 according to the board of RMG and follows interest in acquiring the business by both AssetCo and fellow AIM-listed asset manager Premier Miton last month.

 The AssetCo board believes that itself and RMG are ‘highly complimentary’ and a combination of the businesses would ‘create significant value for the combined group's clients, portfolio managers, employees and shareholders’. AssetCo added in its statement that the acquisition would ‘widen investor appeal’.

However, AssetCo also said ‘there can be no certainty that a firm offer will be made nor as to the terms of any such offer’

AssetCo’s chief executive said in a statement: “"We note that the Board of River and Mercantile Group has agreed to an extension of the offer period. This should allow sufficient time to finalise a potential offer to acquire River and Mercantile (excluding its Solutions business) for the benefit of both AssetCo and River and Mercantile shareholders.

"River and Mercantile has great potential as an active equity and infrastructure investment manager with people, clients and product offering that would complement our existing businesses. It will also accelerate, and be a core part of our focus on, building an agile 21st century asset and wealth management business that meets the needs of investors."