Praemium moves to acquire PowerWrap
Praemium Limited has announced a conditional off-market takeover offer for PowerWrap.
Praemium has announced to the Australian Securities Exchange (ASX) that it has entered into a bid implementation agreement under which it is proposed it will make an off-market conditional takeover offer for all the ordinary full-paid shares in PowerWrap which it does not already hold.
The ASX announcement said the offer was pitched at 26.44 cents per PowerWrap share valuing the company at $55.6 million.
It said the PowerWrap board had unanimously recommended that shareholders accept the Praemium offer.
The ASX announcement said the transaction would see the creation of one of Australia’s largest independent specialist platform providers.
Recommended for you
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
Adviser Ratings shares five ways that financial advice changed in 2024 with an optimistic outlook for 2025, thanks to the Delivering Better Financial Outcomes legislation.
National advice firm Invest Blue has announced several acquisitions, including the purchase of an estate planning and wealth protection business Lambert Group.
