What's the price?

GOSLING'S GROUSE

Gartmore may only be worth between 50p and 75p a share according to some investment banks, less than half the price Henderson initially offered, meaning a deal between the two groups seems even more unlikely.

Henderson’s initial conditional offer was widely reported to be 90p a share, although the group refuses to confirm this. This would value Gartmore at £344m, however, a number of leading asset management companies looking at the business have been told this price is unrealistic. Each of the potential buyers has received advice from independent investment banks which value Gartmore at a much lower level, based on its mixture of assets under management. About 87% of the higher margin assets under the control of Roger Guy have already been redeemed and the valuations assume the rest will ...