Milton and WHSP agree on merger terms
Milton has entered into a scheme implementation agreement (SIA) with Washington H Soul Pattinson and Company (WHSP), which will see WHSP take 100% ownership of Milton.
It would enter into a scheme of arrangement that would see WHSP acquire 100% of the share capital in Milton it did not already own.
Milton’s investment team and management would be retained in the combined entity, with both expected to complement the existing capabilities of WHSP.
Milton’s existing portfolio would transform from predominately being domestic equities and become more diversified, gaining exposure to private equity, international equities, credit, and real assets.
The proposal implied a value of $6 per Milton share, which was a 20% premium of the previous closing price of $5 a share.
Milton recommended that shareholders vote in favour “in absence of a superior proposal” and subject to the independent expert concluding the scheme was in the best interest of shareholders.
AUTHOR
Chris Dastoor
Recommended for you
Insignia Financial has reported net inflows of $448 million into its asset management division in the latest quarter, as well as popularity from advisers for its MLC managed accounts.
With ASIC questioning the dominance of research houses when it comes to retail usage of private market funds, a research house has shared how its ranking process sits alongside ASIC’s priorities.
Two Australian active fund managers have been singled out by Morningstar for their ability to achieve consistent performance and share price growth in the past 12 months.
Pinnacle Investment Management has expanded its private market coverage, forging a strategic partnership with a private markets manager via a 13 per cent stake acquisition.
