Hunter Hall board hangs tough
The board of Hunter Hall International HHL is hanging tough and continuing to reject the takeover bids by both Washington H. Soul Pattinson (WHSP) and Pinnacle Investment Management.
The board has issued an update to the Australian Securities Exchange (ASX) in which it said that its independent directors had carefully considered the revised takeover offers of both WHSP and Pinnacle and had continued to recommend shareholders reject them.
The statement said in both cases that the directors believed the offers continued to significantly under-value Hunter Hall International.
At the same time, the HHL directors noted that John Bridgeman Limited (JBL) and its associates, which already hold 6.55 per cent of Hunter Hall shares, had removed the price cap of $2.40 previously announced.
It said JBL’s brokers would now seek to acquire shares in HHL in the market up to the aggregate 20 per cent permitted under the Corporations Act at prices authorised by JBL from time to time.
“The independent directors, in conjunction with their advisers, continue to explore all strategic options in the best interests of all HHL shareholders and are currently in discussions with a number of strategic parties,” the ASX statement said.
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