Milton and WHSP agree on merger terms


Milton has entered into a scheme implementation agreement (SIA) with Washington H Soul Pattinson and Company (WHSP), which will see WHSP take 100% ownership of Milton.
It would enter into a scheme of arrangement that would see WHSP acquire 100% of the share capital in Milton it did not already own.
Milton’s investment team and management would be retained in the combined entity, with both expected to complement the existing capabilities of WHSP.
Milton’s existing portfolio would transform from predominately being domestic equities and become more diversified, gaining exposure to private equity, international equities, credit, and real assets.
The proposal implied a value of $6 per Milton share, which was a 20% premium of the previous closing price of $5 a share.
Milton recommended that shareholders vote in favour “in absence of a superior proposal” and subject to the independent expert concluding the scheme was in the best interest of shareholders.
Recommended for you
The alternative investment manager has signalled its intentions to repackage an existing fund into a second private equity vehicle, targeting both listed and unlisted opportunities.
The acquisition of Mason Stevens by Adamantem Capital has reached completion, as the wealth platform looks to increase investment into its services for Australian wealth practices.
Platinum Asset Management and VanEck have both announced name changes to multiple of their ETFs to clarify their complexity.
Active ETFs are gaining traction in Asia-Pacific as wealth managers seek to blend the low-cost fees of passive with active management.