Diverger shareholders approve Count merger
Diverger shareholders have approved its merger with Count, which will see Count acquire 100 per cent of Diverger Ltd.
In an ASX statement, it said the scheme was approved by the “requisite majority” of Diverger shareholders.
The implied value of the default scheme consideration based on the closing price of Count shares on 19 January of $0.69 per Count share is $1.39 per Diverger share. The firm said this at the top end of the value range of $1.19–$1.39 per Diverger share.
The bid was increased in November following shareholder pushback that the earlier bid did not fairly value the company.
Peter Brook, chairman of Diverger, said: “At Diverger, we have pursued, quite assertively and successfully, a dual growth strategy (little deals and a big deal) with minimal capital and resources. Today is the culmination of our efforts. At times it has been stressful and hectic.
“But the crew has delivered on good operating results, continued growth in dividends every year and engineered a capital transaction that is in accord with the consolidation thesis we consider beneficial to shareholders and the industry, and delivered a significant premium to shareholders with the opportunity to continue participation.”
A second court hearing will take place on 15 February, and the transaction is scheduled to complete in early March.
AUTHOR
Laura Dew
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