Hunter Hall board unanimously backs merger
Hunter Hall has moved another step closer in its dal with Washing H Soul Pattinson and Company (WHSP) involving control of the company changing via its acquisition of Pengana Holdings Limited.
Hunter Hall today issued a second supplementary Target’s Statement in response to the WHSP bid.
The merger agreement between Hunter Hall and Pengana was announced to the market late last week and Hunter Hall today announced to the Australian Securities Exchange (ASX) that its board intended to unanimously recommend that shareholders vote in favour of the proposed merger subject to no superior offer emerging and the independent expert concluding that it was fair and reasonable to Hunter Hall shareholders.
The deal, as outlined to the ASX, will see Pengana, which is a wholly-owned subsidiary of WHSP merging with Hunter Hall with the result that following the merger Hunter Hall shareholders will own approximately 27 per cent and Pengana shareholders will own approximately 73 per cent of the issued equity of Hunter Hall.
In recommending the merger transaction, the Hunter Hall board is urging the rejection of an earlier takeover offer from WHSP as undervaluing the company’s shares.
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