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Alliance Trust says RIT Capital makes informal merger proposal

Reuters - UK Focus

May 30 (Reuters) - British investment firm Alliance Trust Plc said it had received an informal merger approach from RIT Capital Partners Plc (LSE: RCP.L - news) , which is chaired by financier Jacob Rothschild.

Alliance, which has recently seen the exit of its chief executive and chairwoman, said RIT had not provided any detailed terms regarding the proposal.

The firm has been under pressure to improve the performance and reduce its discount to net asset value from activist investor Elliott Advisors, which holds a stake of about 16 percent according to regulatory filings.

Alliance added it had hired Canaccord Genuity (Other OTC: CCORF - news) to advise the company on a strategic review, and that any formal merger proposal from RIT would be incorporated into the review.

RIT could not be immediately reached for comment. (Reporting by Mamidipudi Soumithri in Bengaluru and Simon Jessop in London; Editing by Alexander Smith)