The board of F&C Asset Management has confirmed that they have received an offer from BMO Financial Group concerning a possible takeover.

Both groups are in ‘advanced discussion’ over the deal, valued at 120p per ordinary share, and F&C is likely to recommend a firm offer. At the price, the deal would be worth approximately £700 million.

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F&C declined to comment further.

F&C is an investment manager based in London and held £9.1 billion in assets under management as of September 2013.

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