HUB24 has confirmed the acquisition of Class as the platform provider looks to establish itself as a market leader.
HUB24 and Class have inked a Scheme Implementation Deed, a move set to cement HUB24 as a leading provider of platform, data and technology solutions for the wealth and SMSF industries.
In a statement issued on Monday, Class confirmed its board of directors has unanimously recommended the scheme, in the absence of a superior proposal.
Class shareholders will receive 1 ordinary HUB24 share for every 11 ordinary Class shares held, plus $0.10 per ordinary Class share.
“The Class board of directors has carefully considered the proposal and believes it represents compelling value for Class shareholders,” said Class chairman Matthew Quinn.
“The structure of HUB24’s proposal provides an exciting opportunity for our shareholders to maintain exposure to Class’s growing business, while also sharing in any future upside and combination benefits with HUB24.”
Following the acquisition, Class will continue to operate as a standalone business unit within the HUB24 group.
“Class will be run as a standalone business within the HUB24 group, leveraging our deep technology expertise to deliver superior outcomes to both sets of customers,” Class CEO Andrew Russell confirmed.
The prudential regulator has released its latest corporate plan.
The bid was originally put forward in June.
ASIC has issued a permanent ban to the former financial adviser.
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