IWL in new discussions to sell VisiPlan
Industry research group IRESS has renewed its pursuit of financial adviser software business, VisiPlan, after putting forward an acquisition proposal to VisiPlan’s parent group, IWL.
In a statement released to the Australian Stock Exchange (ASX), IWL confirmed it had received an indicative, non-binding and conditional proposal from IRESS to acquire VisiPlan. IRESS is the parent company to wealth management software, Xplan.
IWL said the proposal has followed a period of “preliminary interaction”, involving a period of limited due diligence.
“The board’s focus is to maximise shareholder value and accordingly it will facilitate any proposal which it believes is in the best interest of shareholders, having regard to the company’s current strategic plans,” the statement said.
“IRESS has agreed to work expeditiously with the company to determine whether a definitive proposal can be developed and the company expects a further update to be available sometime before the end of March 2007.
“There is currently no proposal capable of the board considering recommending for consideration, nor is there any certainty that any binding proposal will be received from IRESS or any other party at any future time. Despite the ongoing nature of discussions with IRESS, shareholders should be cautious about drawing any inference about whether any binding proposal will eventuate, including potential pricing.”
In 2002, IRESS and IWL announced they had finalised a merger bid, though only weeks after going public on the deal, both companies agreed to discontinue the arrangement. In 2003, IRESS finalised the purchase of Xplan Technology.
In its own statement released to the ASX, IRESS confirmed it is in preliminary discussions with IWL.
“The discussions are, however, confidential and preliminary and there is no certainty that the matter will proceed. IRESS notes that there have been various stop start discussions between it and IWL on this asset over the past few years, which have not concluded in anything concrete.
“IRESS will only acquire assets at the right price and on appropriate terms,” the statement said.
IRESS Market Technology designs, develops, markets and supports Australia’s premier share market information system.
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