The independent directors from Wealth Defender Equities (WDE) have recommended its shareholders accept a takeover bid from Wilson Asset Management (WAM) Capital and declared it as “fair and reasonable”.
The off-market takeover offer for WDE was submitted by WAM Capital earlier this month, with an option for WDE shareholders to either remain a WAM shareholder or exit their position by utilising WAM’s on-market liquidity.
The offer assumed that WAM Capital would acquire up to 100 per cent of WDE shares, with one WAM share for every 2.5 WDE shares, which represented a premium of 15.1 per cent to WDE’s share price as of 29 August.
At the same time, the firm said a shareholder’s entitlement to the WDE fully franked two per cent per WDE share dividend would not be impacted by acceptance of the offer.
The offer, which opened on 13 September, is scheduled to close on 14 October unless extended or withdrawn.
