Milton and WHSP agree on merger terms
Milton has entered into a scheme implementation agreement (SIA) with Washington H Soul Pattinson and Company (WHSP), which will see WHSP take 100% ownership of Milton.
It would enter into a scheme of arrangement that would see WHSP acquire 100% of the share capital in Milton it did not already own.
Milton’s investment team and management would be retained in the combined entity, with both expected to complement the existing capabilities of WHSP.
Milton’s existing portfolio would transform from predominately being domestic equities and become more diversified, gaining exposure to private equity, international equities, credit, and real assets.
The proposal implied a value of $6 per Milton share, which was a 20% premium of the previous closing price of $5 a share.
Milton recommended that shareholders vote in favour “in absence of a superior proposal” and subject to the independent expert concluding the scheme was in the best interest of shareholders.
Recommended for you
Money Management spoke with two brand consultants to how Perpetual can best rebrand its business as the 138-year name is sold to private equity firm KKR.
Pinnacle remains a “standout” fund manager, according to Morningstar, amid a challenging backdrop for active asset management and the addition of a new global equities affiliate from the UK.
Platinum Asset Management saw outflows of $1.65 billion in April, partly as a result of redemptions from institutional mandates and product rationalisation initiatives.
In this latest Meet the Manager profile, Money Management speaks with Ophir Asset Management co-chief executive Andrew Mitchell.
