SAI Global fail to take over Espreon
SAI Global has failed to compulsorily acquire information services provider Espreon, managing to secure only a little more than two-thirds of the company in its recent takeover bid.
The takeover offer closed yesterday at 7pm, at which point SAI Global, an applied information services company specialising in risk management and compliance, had secured a 61.23 per cent relevant interest, well short of the required interest of more than 90 per cent for a compulsory acquisition. In addition, over 1 million shares (1.28 per cent) were the result of acceptances of the takeover offer made by SAI to Espreon shareholders.
Espreon today reported that SAI Global had secured 62.5 per cent relevant interest at the conclusion of the bid.
SAI chief executive Tony Scotton and chief financial officer Geoff Richardson have been nominated to join Espreon’s board, an intended move set out in the SAI Bidder’s Statement. Effective today, they have been appointed directors of the company following the Espreon board’s approval of the nominations.
Espreon’s board has experienced further changes with the resignation of three members, the retirement of two members and the appointment of a new company secretary.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
