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
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