Just a week after declaring its intention to focus more on the financial planning space, financial services group MMC Contrarian (MMC) has found itself subject to an improved takeover offer from Guinness Peat Group (GPG).
GPG announced to the Australian Securities Exchange (ASX) today that, via its wholly-owned subsidiary Ecurb Australia Pty Ltd, it had increased its offer price for MMC to 50 cents a share, stating that the offer is final and will not be further increased.
GPG said its offer would end at the close of trading next Friday and would not be extended in the absence of a third-party bid unless GPG’s voting power in MMC increased to more than 50 per cent within the last seven days of the offer period.
GPG currently owns 28.99 per cent of MMC.
