Possible SFG / WHK merger progresses
A potential merger between SFG Australia (SFGA) and WHK Group, first mooted in October last year, has progressed with a written proposal to be considered.
SFGA has provided the WHK board with a non-bonding indicative proposal, with the WHK board indicating their intention to evaluate the proposal, according to a statement to the Australian Securities Exchange.
“SFGA believes that a friendly scrip based merger with WHK, with shared board and management control, will deliver substantial synergies and unlock significant value for both sets of shareholders,” SFGA said in the statement.
SFGA’s proposed merger ratio would see WHK shareholders own 42 per cent of the merged group – equating to 0.503 WHK shares for SFG shares. This represents a premium to the 39 or 40 per cent that would have resulted if either the current spot price or three month Volume-weighted average price were used, according to SFGA.
SFGA added that conversations were confidential, incomplete, conditional and subject to due diligence, with no guarantee of the transaction going ahead.
The news follows Friday's announcement that SFGA has acquired accountancy and planning group Lachlan Partners.
VanEck ETF model portfolio to cater to lower rates
VanEck has released its Income ETF Model Portfolio that aims to provide recommen...
Death benefit planning to feature in 2020 SMSFA conference
The issues surrounding the financial planning of death benefits will be one of t...
Advice software firm releases bushfire relief hub
A software firm specialising in online tools and learning for advisers has built...