London, Feb 15, 2026, 12:34 GMT — Market closed.
- Schroders shares ended Friday at 585.5 pence, down 0.34%, and still sit below Nuveen’s offer value of up to 612p.
- Investors are watching the deal “spread” and UK Takeover Code disclosures as London reopens on Monday.
- Next markers include shareholder and regulatory steps, plus Schroders’ March 12 ex-dividend date.
Schroders (SDR.L) shares ended Friday at 585.5 pence, down 0.34%, and remained below the takeover price on offer going into the new week. The stock is due to go ex-dividend on March 12 for a 15 pence final payout, according to Hargreaves Lansdown. (Hargreaves Lansdown)
Nuveen has agreed to buy the 222-year-old British fund manager for about 9.9 billion pounds ($13.5 billion), offering shareholders 612 pence per share — a 34% premium — Reuters reported. With the market shut over the weekend, the gap between Friday’s close and the offer price is the number deal traders will keep coming back to: it flags timing and approval risk as much as optimism. (Reuters)
The takeover has also sharpened attention on Europe’s listed asset managers more broadly, after years of fee pressure from “passive” funds that track an index and charge less. Schroders CEO Richard Oldfield told Reuters the combined firm would be “a powerhouse”, while consultant Oliver Wyman’s Giambattista Taglioni warned “cost savings are hard to realise” in a people-driven business; Morningstar’s Johann Scholtz pointed to smaller names including Jupiter and Liontrust as potential targets. (Reuters)
Not everyone thinks Nuveen is paying up. Panmure Liberum called the 612p price “too cheap” and said it was “only a touch ahead” of where it might have pitched a fresh target for Schroders in an independent world, according to a Sharecast note carried by Halifax’s market news feed. (Halifax Investments)
The companies said the deal is expected to close in the fourth quarter of 2026, subject to shareholder approval and antitrust and other regulatory clearances. Nuveen said London will serve as the combined group’s non‑U.S. headquarters, and Schroders will continue to be led by Oldfield after completion. (PR Newswire)
Offer mechanics are starting to show up in the tape. A Form 8.5 disclosure published on Friday showed JPMorgan Securities — Schroders’ financial adviser and corporate broker — reported client-serving purchases and sales in Schroders shares on Feb. 12, as required under the UK Takeover Code’s dealing rules. (Investegate)
With London markets closed on Sunday, traders head into Monday focused on the deal spread — the gap between Schroders’ share price and the 612p headline value — and what it says about the odds of completion. A narrowing spread would usually signal growing confidence on timing; a wider one can point to nerves over approvals, paperwork, or the chance the schedule slips.
Investors will also watch whether more shareholders line up behind the offer, or whether hold-outs try to press for a better price. Any sign of a rival approach would likely pull the shares closer to the offer level in a hurry, though there has been no public indication of that.
There are risks in the other direction. If approvals drag, or if markets swing hard enough to change expectations around fees, flows and valuations, the spread can stay wide for longer than deal bulls expect. And if the bid were to fall apart, Schroders shares would be left to find their level without a cash offer underneath them.
When trading resumes on Monday, Feb. 16, investors will be watching for fresh disclosures under the Takeover Code and any signals on the shareholder approval path. The March 12 ex-dividend date and the companies’ target of closing in Q4 2026 are the next fixed points on the calendar.
