Sanford takeover bid stalls
IWL’s attempted takeover of Sanford Securities has failed to gain majority support of the Perth-based broking firm’s shareholders with Friday’s looming deadline for acceptance of its offer.
IWL stated in a release to theAustralian Stock Exchangeyesterday (ASX) that it had received acceptances from 173 Sanford shareholders or approximately 12 per cent by number.
However, it has only taken its holding to 24.20 per cent - a nominal figure given it already held 19 per cent of the groups stock - after revealing its intention to acquire all Sanford shares on January 15.
IWL is offering Sanford shareholders one new IWL share for every Sanford share held or $0.19 in cash for every Sanford share held.
In its statement to the ASX, IWL attempted to encourage shareholders to capitulate on the basis that retaining their Sanford shares was likely to involve “considerable risk” as “there are a number of significant uncertainties attaching to the future performance of Sanford”.
Last week Sanford’s independent directors, which have been staunchly opposing the IWL takeover, revealed that discussions with other parties had not resulted in an alternative offer.
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