Praemium Limited has announced a conditional off-market takeover offer for PowerWrap.
Praemium has announced to the Australian Securities Exchange (ASX) that it has entered into a bid implementation agreement under which it is proposed it will make an off-market conditional takeover offer for all the ordinary full-paid shares in PowerWrap which it does not already hold.
The ASX announcement said the offer was pitched at 26.44 cents per PowerWrap share valuing the company at $55.6 million.
It said the PowerWrap board had unanimously recommended that shareholders accept the Praemium offer.
The ASX announcement said the transaction would see the creation of one of Australia’s largest independent specialist platform providers.