Folkestone’s acquisition by Charter Hall approved by shareholders
Folkestone has announced that its shareholders have voted in favour of the proposed acquisition of the company by Charter Hall Limited, which was first announced in August.
Under the terms of the agreement, Charter Hall Limited would acquire 100 per cent of the ordinary shares in Folkestone via a scheme of arrangement.
Following the approval from its shareholders, Folkestone would seek approval for the scheme from the Federal Court of Australia and, if successful, it would lodge the orders of the court with the Australian Securities and Investments Commission (ASIC) on 23 October.
The $205 million acquisition would be funded by cash from available investment capacity, the firm said in August.
Folkestone shareholders were expected to receive $1.39 cash per share, which would comprise a Charter Hall cash consideration of $1.354 per share and a special dividend of $0.036 per share.
AUTHOR
Oksana Patron
Recommended for you
Grant Hackett has been promoted from CEO of Generation Life to head up the wider Generation Development Group.
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.
