Promina board favourably disposed to Suncorp offer
Promina Group Limited has confirmed that it is in receipt of a takeover offer from Suncorp, with its board of directors being favourably disposed to the offer.
In an explanation issued to the Australian Stock Exchange today, Promina said that it had received a proposal from Suncorp to acquire all of the ordinary shares in the company.
It said the proposal offered 0.2618 Suncorp shares and $1.80 per Promina share, conditional upon the offer being implemented via a Promina board-recommended scheme of arrangement.
Promina said its board of directors had indicated to Suncorp that it was favourably disposed to the proposal and was further evaluating the overall transaction.
It said the evaluation process would include undertaking appropriate due diligence.
AUTHOR
Mike Taylor
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
