Clime Capital poised to acquire CBG Capital
Independent directors at CBG Capital have recommended its shareholders accept an acquisition offer from Clime Capital (CAM) to purchase over half of its shares.
The number of shares to be purchased by Clime increased from an initial offer of 52.59 per cent on 19 August to 58.46 per cent of the CBG shares on issue on 21 August.
In a statement to the Australian Securities Exchange (ASX), CBG said shareholders would need to have received shares from CAM by early October if they wished to receive their next dividend.
“The safest way to receive the next dividend payment is to accept the offer now. The independent directors of CBG have recommended shareholders accept the offer in the absence of a superior proposal and all directors have accepted their own shares. By now, many of your fellow CBG shareholders have already accepted the offer with acceptances circa 57 per cent of CBG shares.
“If CAM obtains a relevant interest in at least 90 per cent of CBG shares during the offer period, CAM intends to proceed to compulsory acquisition of the CBG shares held by those shareholders that have not accepted. The compulsory acquisition process will take time to conclude, and shareholders whose shares are acquired under this process may miss out on the next quarterly dividend from CAM.”
The offer is scheduled to close on 9 September, 2019.
AUTHOR
Laura Dew
Recommended for you
Tribeca Investment Partners has made a distribution hire from Australian Ethical in a newly-created role focused on the national intermediary market.
Asset managers may be urged to diversify their product ranges, but investment executives have warned any M&A deal should avoid simply filling gaps and instead consider long-term value creation.
Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equity firm.
Fund managers are entering 2025 with the most bullish sentiment since August 2021 and record high allocations to US equities, thanks to the incoming Trump administration.
