(November 24 – 10:30 ET) – Amvescap plc is extending its offer for U.K.-based fund manager Perpetual plc.

Amvescap says that 79.5% of shareholders have tendered their shares to the deal, including the 41.9% owned by Perpetual founder Martyn Arbib. Amvescap’s board says that the offer has been extended and will remain open for acceptance until December 7.

According to the Sunday Times, the deal made Arbib one of the 50 highest paid men in Britain this year, along with six other fund managers. He pocket about £440 million from the transaction.

Amvescap says that the deal is working its way through the necessary regulatory conditions, it still requires approval from the Investment Management Regulatory Organisation, the Department of Trade and Industry and the Personal Investment Authority. Amvescap is confident that these conditions and approvals will be met.

Schroder Salomon Smith Barney is acting for Amvescap in connection with the offer.
-IE Staff