RAMS acquisition draws closer
Westpac’s acquisition of RAMS Home Loans moved a step closer today with the bank confirming it had completed due diligence on the RAMS brand and distribution business without finding any material adverse impacts.
Westpac earlier this month entered into an agreement to buy the brand and distribution business for $140 million as part of a restructuring of the RAMS Home Loan Group.
In an announcement released on the Australian Stock Exchange today, RAMS chairman John Kinghorn said Westpac was required to give notice to RAMS by yesterday if its due diligence enquiries discovered anything that was likely to have a material adverse effect on assets, liabilities, financial position, profitability or prospects of the brand and distribution business.
He said Westpac had confirmed that the conditions precedent to the sale relating to due diligence had been met.
In a separate announcement, Westpac said simply it had “completed its due diligence on 16 October 2007 and no material adverse impacts were found”.
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Mike Taylor
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