Iress/EQT deal given 10-day extension
Iress has agreed to a 10-day extension of the exclusivity period with EQT Fund Management to acquire all of Iress’ shares via a scheme of arrangement.
The 30-day exclusionary period was announced after Iress had received what it considered to be an appropriate takeover for the acquisition, after rebuffing previous attempts.
“Discussion with EQT are progressing and Iress has agreed to grant an additional 10 days of exclusivity to EQT on the same terms as previously announced to provide further time for EQT to complete its diligence for an agreement to be finalised,” Iress said.
“The board will update shareholders and the market in due course. The board recommends that Iress shareholders take no action in relation to the proposal by EQT. There is no certainty that the proposal will result in a transaction.”
AUTHOR
Chris Dastoor
Recommended for you
The use of total portfolio approaches by asset allocators is putting pressure on fund managers with outperformance being “no longer sufficient” when it comes to fund development.
With evergreen funds being used by financial advisers for their liquidity benefits, Harbourvest is forecasting they are set to grow by around 20 per cent a year to surpass US$1 trillion by 2029.
Total monthly ETF inflows declined by 28 per cent from highs in November with Vanguard’s $21bn Australian Shares ETF faring worst in outflows.
Schroders has appointed a fund manager to its $6.9 billion fixed income team who joins from Macquarie Asset Management.
