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
VanEck’s Bitcoin ETF has amassed $290 million in assets in its first year, but the ETF provider has said financial advisers remain skeptical of the asset.
State Street has rebranded its State Street Global Advisors arm, which has US$4.6 trillion in assets under management, following a series of deals with financial services firms in recent months.
Northern Trust Asset Management has appointed a new head of international and responsible investing.
More than 20 winners have been revealed for the annual Fund Manager of the Year Awards.
