GPG secures majority control of MMC
Guinness Peat Group (GPG) has extended its takeover offer for diversified financial services group, MMC Contrarian (MMC), after gaining 54.16 per cent of the company by the close of trading on the Australian Securities Exchange (ASX) last week.
The GPG takeover bid, being undertaken via its wholly owned subsidiary, Ecurb Australia, would have expired on Friday had the company not reached what it regarded as majority control of MMC.
In an announcement released to the ASX this morning, GPG said that, as a result of increasing its shareholding, the on-market offer had been automatically extended by 14 days.
The GPG offer had been resisted by the MMC Board.
MMC, earlier this month, announced its intention to move further into the financial planning space.
AUTHOR
Mike Taylor
Recommended for you
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
