Former chief executive Katherine Garrett-Cox addresses the 2015 annual meeting of Alliance Trust in Dundee.
An investment fund led by Lord Rothschild has reportedly approached Alliance Trust about a takeover bid.
The £2.5billion RIT Capital Partners is said to have made an informal approach to its £2.6bn Dundee-based rival about a merger that would create a £5billion investment trust. It could also pose a threat to one of Scotland's biggest financial institutions and 250 jobs in Dundee.
It comes after a long-running battle between Alliance Trust management and the US hedge fund Elliott Advisers, which has a 15per cent stake, this year saw the departure of Katherine Garrett-Cox as chief executive, a clear-out of the Alliance board, and the appointment of Lord Smith of Kelvin as chairman.
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