Amvescap Plc (AVZ) Higher on Takeover Chatter
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According to reports from Bloomberg, UK money manager Amvescap Plc (NYSE: AVZ) is higher today on rumors the company may be a takeover target.
The takeover talk on Amvescap has resurfaced following recent news that Marsh & McLennan (NYSE: MMC) is exploring options for its Putnam unit after receiving repeated inquiries from parties interested in either acquiring or partnering with Putnam. In addition, Canadian insurer Sun Life Financial said recently that it hired bankers to explore alternatives for its US money managing business, MFS Investment Management.
In 2005, Canada's CI Fund Management tried unsuccessfully to buy the Amvescap. The stock has since moved to new multi-year highs on renewed fortunes from the rising US stock market.
According to Bloomberg, a spokesman for Amvescap declined to comment on today's takeover speculation.
Amvescap operates under the AIM, INVESCO, AIM Trimark, Invesco Perpetual and Atlantic Trust brands.
Shares of Amvescap are up 1.9% to $21.98 in mid-day action Tuesday.
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