LONDON, March 13, 2026, 17:35 (GMT)
Schroders ended Friday’s session at 570.5 pence after publishing the scheme document related to Nuveen’s £9.9 billion takeover offer. Shareholders are set to vote on April 16. Share Prices
What’s driving the action? The filing itself—mechanics over hype. Schroders finished Friday 19.5p below the 590p cash bid, and 41.5p off the 612p that includes permitted pre-offer payouts. Investors are weighing when the deal might close—and whether it actually will. Share Prices
Part of Thursday’s drop came down to technicals. Schroders went ex-dividend on March 12, so investors holding as of March 13 get a 15p final payment, due April 23. The shares moved from 586.5p on Wednesday to 570.5p Thursday—a fall that closely tracks the size of the dividend. Fidelity International
The scheme document puts both the Court Meeting and the General Meeting on the calendar for April 16, set at 1 London Wall Place. The planned timing for the deal stays unchanged—completion is still targeted for the fourth quarter of 2026. Bidco, in a separate note, said BNP Paribas Securities Corp had finished syndicating most lender commitments as of March 11, taking care of a major piece of the financing puzzle. Investegate
Schroders investors are set to receive 590p per share in cash, along with up to 22p in dividends—15p from the board’s recommended final payout, plus a possible 7p interim payment if things go as expected. Reuters calculates the takeover values the company at roughly 16.5 times forecast 2026 earnings. Together, the two firms would oversee about $2.5 trillion in assets, slotting in behind BlackRock and Vanguard worldwide and just below Amundi in Europe. Reuters
Getting a scheme of arrangement—Britain’s court-supervised route for takeovers—still hinges on shareholder backing. Schroders is targeting more than half the scheme shareholders by headcount, those holding a minimum 75% in value at the Court Meeting, plus a further 75% of votes cast at the General Meeting. Investegate
Price action’s still choppy. J O Hambro—one of the top 25 shareholders—pushed back last month, calling Nuveen’s offer “10-15% below fair value.” Morningstar’s Johann Scholtz doesn’t see the deal wrapping up on these terms, highlighting gaps in shareholder backing. Reuters
Schroders came into the deal with momentum. The company posted record assets under management—823.7 billion pounds—in its 2025 results, and adjusted operating profit jumped 25% to 756.6 million pounds. “Returned to growth,” Chief Executive Richard Oldfield said. London Stock Exchange RNS PDF
London markets weren’t helping much. By late Friday morning, the FTSE 100 was down 0.3%. Oil prices held above $100 a barrel, with renewed Middle East tensions muddying the Bank of England’s view. Shares of Schroders, though, barely budged, stuck between the cash offer on the table and unresolved regulatory and shareholder issues. Reuters
