Shadforth offer goes unconditional
Snowball Group and Shadforth have completed the first stage of their planned merger, with more than 90 per cent of holders in Shadforth accepting the acquisition bid.
Because acceptances exceeded 90 per cent, Snowball’s acquisition offer is now unconditional.
Snowball chairman Eric Dodd said the dealer group would quickly move onto integrating the two businesses.
“In expectation of the merger going ahead, we already have well developed strategies and integration plans in place,” Dodd said.
Dodd had invited the Shadforth directors onto the board of Snowball, adding the board would ensure the combined group was “well positioned to pursue growth and to capitalise on the combined strength, scale, market position, and enlarged adviser footprint, in the rapidly changing wealth management sector”.
The two dealer groups first announced their intention to merge at the end of May this year.
AUTHOR
Milana Pokrajac
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
