AssetCo plc (AIM:ASTO) has been granted a further extension to its bid for River and Mercantile Group PLC (LSE:RIV) (R&M), as Premier Miton withdraws from proceedings The extension will require AssetCo to make an offer for the £4.4bn fund manager by 5pm on 25 January 2022, marking a second extension to the deal. AssetCo Chief Executive Officer Campbell Fleming said: ‘We welcome the board of River and Mercantile Group's decision to extend the offer period. ‘Discussions have progressed over the festive period and into January 2022.

The extended period will allow us 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'. Fleming said there had been further meetings with additional members of R&M over recent weeks. Commenting on Premier Miton's withdrawal, Chief Executive Officer Mike O'Shea said: ‘We are most grateful to the Board of RMG for their co-operation and assistance as we have assessed the merits of a possible transaction, especially so given the major changes ongoing in their business.

‘We have concluded that there are insufficient commercial merits for our shareholders to make a formal proposal for the acquisition of RMG'.