MFS seeks trading halt
Financial services group MFS Limited has sought a trading halt on the Australian Stock Exchange to allow it to “consider a structural separation” of its tourism and hospitality interests from its financial services operations.
The request for the trading halt has come only days after City Pacific Limited made a conditional offer to acquire MFS, telling the ASX on Friday that the conditional proposal involved 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.
In its announcement to the ASX today seeking a trading halt, MFS said that it was considering structural separation of the Stella Group and MFS Financial Services via an entitlement issue to existing MFS shareholders.
It has asked that the trading halt remain in place until the earlier of MFS making a further announcement in relation to the separation proposal or market open on January 18.
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