VETERAN fund manager Martin Gilbert is closing in on a deal to take control of listed asset management firm River and Mercantile, where he is also deputy chair, according to reports.

The dealmaker has been vying to take control of the firm since submitting an initial bid in November and could agree a deal as soon as tomorrow, Sky News' Mark Kleinman first reported yesterday.

Negotiations between the two parties are reportedly ongoing as of yesterday evening and a deal was not certain to be struck ahead of a Takeover Panel deadline of 5pm tomorrow.

Gilbert had been locked in a bidding war for the firm with Premier Miton, a rival fund house led by chief executive Mike O'Shea, until it pulled out of talks on 13 January.

Aim-listed Assetco already owns a 5.85 per cent stake in the firm.

(c) 2022 City A.M., source Newspaper