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.
Recommended for you
Index provider MSCI has unveiled two measures to make it easier for financial advisers and wealth managers to access transparent insights into private assets.
Vanguard has announced a strategic alliance with two US alternative asset managers to develop multi-asset solutions for financial advisers which combine public and private markets.
Clime Investment Management has enacted a range of growth initiatives to boost the firm’s reach with wholesale investors and a new approach targeting the retail market.
Generation Development Group, parent of Generation Life, has entered the ASX 200, having grown its funds under management to almost $4 billion.