Euroz and Hartleys have announced they have entered into a binding bid implementation agreement under which Euroz has made an off-market takeover offer to acquire 100% of the issued capital in Hartleys, the company said in the announcement made to the Australian Stock Exchange (ASX).
Under the new agreement, Hartleys employees who were existing Hartleys shareholders would enter into restriction arrangements in respect to a portion of the Euroz shares received as consideration under the offer.
Following the transaction, Hartleys would be renamed Euroz Hartleys Limited with the existing Euroz Securities business to merge with this rebranded entity.
A broad restructure of the Euroz board would coincide with the completion of the transaction, with four of the existing board members of Euroz to resign and existing Hartleys directors Richard Simpson and Ian Parker to join the Euroz Limited board.
“The merger of Euroz and Hartleys provides an opportunity to build on our strong history of providing exceptional service to our clients. The combination of the two firms offers the opportunity for our entire team to expand our service offering to clients and we are confident in our ability to successfully integrate both business and our client focused cultures,” Parker said.
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