Financial planning software providerIWLhas extended its takeover offer for online broking groupSanfordby two weeks after a muted response from Sanford’s shareholders.
IWL announced the extension yesterday after it managed to pick up only 2.34 per cent of Sanford’s shares since launching its off-market takeover bid for the group in mid January.
IWL, which held just under 20 per cent of Sanford before launching the bid, now owns 22.24 per cent of the group.
IWL is offering Sanford shareholders either one IWL share or $0.19 for each Sanford share in an unconditional bid to buy out the remainder of the group.
However Sanford’s independent directors have unanimously recommended that shareholders reject IWL’s offer, following a report byKPMGwhich said the offer was “not fair and not reasonable”.
IWL’s extended offer is now scheduled to close on Friday April 4.
