Wilson HTM facing takeover bid
Mariner Corporation Limited has made a $24.5 million offer to buy the ordinary shares of Wilson HTM Investment Group.
Shareholders of Wilson HTM have been offered two Mariner shares for every three Wilson HTM shares, giving them an "implied value of 23.33 cents for each Wilson HTM share", according to a Mariner statement on the ASX. Wilson HTM is currently trading at 22 cents per share.
Wilson HTM has posted a "Take no action" advisory to its shareholders on the ASX.
"The company's board will be meeting today to consider the offer and will keep shareholders fully informed," said a statement signed by Wilson HTM company secretary Michelle Brady.
"The company board advises shareholders to take no action in relation to the offer until your board has an opportunity to consider and inform you in relation to the offer," the statement said.
In its explanation of the takeover bid, the Mariner statement noted that Wilson HTM has "performed poorly for many years, and we believe there is an appetite among Wilson HTM shareholders for change".
"Mariner's objective is to become a substantial shareholder of Wilson HTM, seek board representation and implement strategies to bridge the gap between Wilson HTM's [net tangible assets] and Wilson HTM's current trading price," the Mariner statement said.
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