Iress/EQT deal given 10-day extension
Iress has agreed to a 10-day extension of the exclusivity period with EQT Fund Management to acquire all of Iress’ shares via a scheme of arrangement.
The 30-day exclusionary period was announced after Iress had received what it considered to be an appropriate takeover for the acquisition, after rebuffing previous attempts.
“Discussion with EQT are progressing and Iress has agreed to grant an additional 10 days of exclusivity to EQT on the same terms as previously announced to provide further time for EQT to complete its diligence for an agreement to be finalised,” Iress said.
“The board will update shareholders and the market in due course. The board recommends that Iress shareholders take no action in relation to the proposal by EQT. There is no certainty that the proposal will result in a transaction.”
AUTHOR
Chris Dastoor
Recommended for you
Blackwattle Investment Partners has hired a management trio from First Sentier Investors – who departed amid the closure of four investment teams last year – to run its first equity income offering.
Ausbil is to expand its active ETF range with two ASX-listed launches, one focusing on global small caps and one on listed infrastructure.
Up to 20 per cent of wealth and asset managers globally are set to be acquired in the next five years, according to Morgan Stanley, with focus expected to move to ‘inter-sector’ deals between industries.
Fidelity International has appointed Thomas Taw to the newly created role of head of ETF distribution for APAC, joining from a decade at BlackRock.
