Hartleys and Euroz initiate merger transaction
Big West Australian stockbroking and wealth management firm Hartleys appears set to be merged with publicly-listed Euroz.
The firms announced to the Australian Securities Exchange (ASX) that they had entered into a non-binding term sheet for a proposed transaction to combine the two firms.
Under the proposed transaction, Euroz will issue 33 million shares at a deemed issue price of $0.915 per share as consideration for 100% of Hartleys, with Hartley shareholders owning up to 17% of the combined group.
Commenting on the proposed transaction, Euroz executive chair, Andrew McKenzie said combining the two firms would create a dominant West Australian-based financial services company with strong synergies.
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