Aberdeen Asset Management and Standard Life announced this morning they have reached a recommended all-share merger deal, which would create "a formidable player in the active asset management industry globally" running more than £660bn of assets.
After confirming merger talks over the weekend, Aberdeen and Standard Life said an agreement has now been reached and they are recommending the deal to shareholders. Under the terms of the deal, Aberdeen shareholders would receive a merger ratio of 0.757 new Standard Life ordinary shares for each Aberdeen ordinary share. Based on this exchange ratio and the closing price of 378.5p per Standard Life Share on 3 March 2017, the merger values each Aberdeen share at 286.5p and Aberdeen's existing issued ordinary share capital at approximately £3.8bn. Following completion of the merger, ...
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