Edinburgh Fund Managers (EFM) has received revised proposals from its 29.3% owner Hermes which may lead to a recommended offer being put before its shareholders.

Although first proposals were made in private over two months ago, this was sufficient to trigger the required timetable for making offers for UK public companies. Under UK takeover rules, indications of a revised bid must be made by day 46 offer period, which has now arrived. Analysts said that this was the likely reason for EFM's announcement.