LONDON, March 13, 2026, 17:35 (GMT)
Schroders shares finished at 570.5 pence on Friday after the British asset manager published the scheme document for Nuveen’s 9.9 billion-pound takeover. The document sets shareholder votes for April 16. 1
The filing matters because the stock is trading on execution, not just bid excitement. At Friday’s price, Schroders still sat 19.5p below the 590p cash consideration and 41.5p below the headline 612p value, which includes permitted dividends — payouts the company is allowed to make before completion — leaving investors to weigh timing and closing risk. 1
Part of Thursday’s drop was mechanical. Schroders’ shares went ex-dividend on March 12 for a 15p final payment due on April 23 to shareholders on the register on March 13, and the stock’s fall from 586.5p on Wednesday to 570.5p on Thursday broadly matched that payout. 2
The scheme document said the Court Meeting and General Meeting will both be held at 1 London Wall Place on April 16, and that the deal is still expected to become effective in the fourth quarter of 2026. Bidco also said BNP Paribas Securities Corp completed the syndication of a majority of lender commitments on March 11, reducing one financing uncertainty. 3
Under the agreed terms, Schroders shareholders are due 590p a share in cash plus up to 22p of permitted dividends. That headline covers the 15p final dividend already recommended and a 7p interim payment the board said it currently expects to declare. Reuters reported the transaction values Schroders at about 16.5 times expected 2026 earnings and would create a manager with roughly $2.5 trillion under management, still smaller than BlackRock and Vanguard and slightly below Amundi in Europe. 4
A scheme of arrangement — a court-approved UK takeover route — still needs hard votes. Schroders said it requires a majority in number of voting scheme shareholders representing at least 75% by value at the Court Meeting, plus 75% of votes cast at the General Meeting. 3
But price is still an open argument. J O Hambro, a top-25 shareholder, said last month Nuveen’s offer was “10-15% below fair value”, while Morningstar analyst Johann Scholtz said the story was “unlikely to end at the current terms” because shareholder backing was not fully locked in. 5
Schroders came into the deal on firmer operating ground. In its 2025 results, the company reported record assets under management of 823.7 billion pounds and adjusted operating profit up 25% to 756.6 million pounds. Chief Executive Richard Oldfield said the group had “returned to growth.” 6
The backdrop in London was hardly helpful. The FTSE 100 was down 0.3% by late morning on Friday as oil traded above $100 a barrel and the Middle East conflict darkened the Bank of England outlook, yet Schroders held flat. For now, the shares look pinned between the cash terms on one side and the remaining shareholder and regulatory hurdles on the other. 7
