City Pacific bids for MFS
Financial services group City Pacific Limited has made a conditional offer to acquire MFS.
City Pacific has told the Australian Stock Exchange that the conditional proposal involves acquisition of the MFS business excluding the Stella Tourism Group.
It said the board of MFS had advised that it would evaluate the proposal because it agreed that a merger of the two financial services businesses would produce substantial synergies and revenue enhancement opportunities.
The ASX announcement said the proposed transaction was subject to the completion of satisfactory mutual due diligence, final approval of the boards and shareholders and certain rulings and clearances including from the Australian Taxation Office.
It said that subject to due diligence the proposed transaction would involve the issue of 225 million new City Pacific shares in consideration of the acquisition of MFS’ financial services businesses.
AUTHOR
Mike Taylor
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