The directors of Shadforth Financial Group Holdings have led by example and accepted the takeover offer by Snowball Group for all of their shares, which account for a 13 per cent stake in the company.
This is the first step towards the proposed merger of the two companies, which would see the two groups become a privately owned wealth management business with more than $14.3 billion in funds under advice, administration and management.
Shadforth shareholders have also been offered 2.15 Snowball shares per Shadforth share, and have been urged to accept the offer by the closing date of 8 July, 2011.
Snowball has said it intends to extend Shadforth’s managed portfolio and become the responsible entity of the firm’s core product funds if the merger is successful.
