StockMarketWire.com - Premier Asset Management said it had agreed to acquire rival wealth manager Miton in a share-based deal that would create a company with £11.5bn of assets under management.

Miton investors would receive 0.30186 Premier shares for each of their Miton shares.

The deal valued Miton shares at 56.74p, based on the closing price of Premier shares on Tuesday and taking into account a special dividend of 4.9p per share.

'The boards of Premier and Miton believe that there is a compelling strategic and financial rationale for the merger which creates a diversified active UK asset manager with a strong investment capability that leverages an efficient platform,' Premier said.

At 9:17am: [LON:PAM] Premier Asset Management Group Plc share price was +3.25p at 175p



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