MacarthurCook board rejects revised takeover
The board of funds management group MacarthurCook has again rejected a takeover bid by AIMS Securities, despite the offer being sweetened to the tune of 16 per cent.
The MacarthurCook board announced to the Australian Securities Exchange (ASX) today that notwithstanding the increased offer price, it would be recommending to shareholders that they reject the offer.
“The board still believes that the revised offer undervalues the current business and opportunities before MacarthurCook," the ASX announcement said.
It said the board remained open to any superior proposals from parties with an interest in MacarthurCook and was open to recommending an offer that provided sufficient value to shareholders.
AUTHOR
Mike Taylor
Recommended for you
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
With cyber security at AFSLs identified as an ASIC enforcement priority, a technology recruiter has shared what these specialists are expecting to earn in the financial services sector.
