WAM declares takeover offer free of defeating conditions
The independent directors of Wealth Defender Equities (WDE) have recommended shareholders should accept WAM Capital’s takeover offer, free of defeating conditions.
The offer was expected to close 26 October 2018.
Under the terms of the deal, WAM said it would conduct a review of the strategy, operations, activities, assets and employees of WDE in light of the information which become available.
Further to that, WAM said it would seek to remove WDE from the official list of the Australian Securities Exchange (ASX) and WAM should proceed with a realisation of WDE’s investments and conduct a return of capital.
Therefore, WDE shareholders should remain aware of the fact that WDE may be no longer be a listed investment company on the ASX, the firm said.
However, if WDE shareholders wanted certainty then they should, according to the firm, continue to hold shares in a listed investment company on ASX, they should accept the offer.
“The sooner the remaining Wealth Defender shareholders accept the offer, the faster all wealth Defender shareholders will receive the bid consideration,” the company said in a statement to the ASX.
Investment research house, Zenith Investment Partners, also recommended shareholders accept the offer.
AUTHOR
Oksana Patron
Recommended for you
Global asset manager Janus Henderson could be acquired after receiving a non-binding acquisition proposal jointly from a private investment firm and venture capital firm.
Investment manager Salter Brothers has partnered with private equity firm Kilara Capital to launch an Australian sustainable investment platform focusing on decarbonisation.
Fresh off launching three active ETFs to the Australian market, Avantis Investors is already planning to expand its range with two further products next year.
Ausbil is growing its active ETF range with an ESG product in collaboration with sister company Candriam.
