F&C's second largest shareholder cool on BMO bid

Tue Jan 28, 2014 7:18am EST
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By Chris Vellacott

LONDON Jan 28 (Reuters) - The second largest shareholder in British fund firm F&C Asset Management, which has agreed a takeover offer from Bank of Montreal, has said it may support a rival bid if one emerges.

In a statement on Tuesday after Bank of Montreal and F&C announced a deal valuing the fund manager at around 708 million pounds ($1.2 billion), Standard Life Investments said the price "represents an attractive valuation from the standpoint of the Canadian bank."

"We intend to keep our options open should another suitor for F&C emerge," said David Cumming, Global Head of Equities at Standard Life Investments, which holds more than 10.2 percent of F&C.

The only other investor with a larger stake, Aviva Investors favours the deal, F&C said when it announced the deal.