Diverger bids for Centrepoint Alliance

Diverger has submitted an indicative proposal to acquire Centrepoint Alliance.

In an announcement to the Australian Securities Exchange, the firm said the offer was for a combination of cash and Diverger shares valued at $0.325 per Centrepoint Alliance share by way of a scheme of arrangement.

This price represented a 30% premium to Centrepoint Alliance’s last close price at 22 June.

Diverger said the potential combined group would mean:

• A significantly strengthened market-leading position with greater operational scale with services being provided to an adviser footprint of more than 1,400 advisers post completion;
• An expansion of core client services utilising the skill and expertise of both Diverger’s and Centrepoint Alliance existing operations team and combined product offerings;
• A platform for enhanced market liquidity for both organisations and;
• A shared ability to leverage the technology capability and learnings from Diverger’s technology partnerships.

“Diverger looks forward to working collaboratively with the Centrepoint Alliance Board to undertake due diligence and execute binding transaction documents in an efficient manner to provide Centrepoint Alliance shareholders with a high degree of certainty, limited conditionality and minimal execution risk.”

The indicative proposal remained subject to due diligence and regulatory and board approval.