SEARCH
Hub24 receives acquisition proposal
Hub24 receives acquisition proposal
Hub24 has received an indicative, non-binding and conditional proposal from an unrelated party to purchase 100 per cent of the platform provider's shares.
Announcing the proposal in a statement to the ASX, Hub24 said the directors are evaluating the proposal from the unnamed party and intend to "seek further information".
"There is no certainty that the proposal will result in any definitive transaction for the acquisition of all the shares in Hub24," the statement said. "The company will update the market on further developments as appropriate."
The statement added: "Hub24 shareholders do not need to take any action in relation to the proposal at this time."
According to Hub24, the proposal, which will outline the intention to purchase all of the company's shares for a cash consideration of $2.75 per share, will be subject to a number of conditions.
These conditions include the satisfaction completion by the proposed offeror of due diligence; the "execution of satisfactory definitive transaction documentation"; unanimous support from members of Hub24's board of directors; and final approval by the board of directors of the proposed offeror.
"The board of directors would like to advise shareholders and the market that we are very pleased with the ongoing growth and success of Hub24 and confirm that management will continue to have as their primary focus the day-to-day business operations and the long-term growth of Hub24," the statement said.
"The business has continued to have strong growth in Q1 FY16, and also has a significant pipeline of new business opportunities," the statement continued.
"These factors contribute to the attractiveness of Hub24 in providing superior outcomes for financial advisers their clients and shareholders."
Subscribe to our Newsletter
We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians
Your email address will be shared with nestegg and subject to our Privacy Policy
latest articles
OUR PLATFORMS AND BRANDS
- Accountants Daily
- Accounting Times
- Adviser Innovation
- Australian Aviation
- Broker Daily
- Cyber Daily
- Defence Connect
- Fintech Business
- HR Leader
- Independent Financial Adviser
- Investment Centre
- Investor Daily
- Lawyers Weekly
- Money Management
- Nestegg
- Property Buzz
- Real Estate Business
- Smart Property Investment
- SMSF Adviser
- Space Connect
- Super Review
- The Adviser
- Wellness Daily
- World of Aviation
EVENTS AND SUMMITS
- ACE25 The Accounting Conference and Exhibition
- Adviser Innovation Summit
- Australian Accounting Awards
- Australian AI Awards
- Australian Aviation Awards
- Australian Aviation Summit
- Australian Broking Awards
- Australian Cyber Awards
- Australian Cyber Summit
- Australian Defence Industry Awards
- Australian Law Awards
- Australian Law Forum
- Australian Space Awards
- Australian Space Summit
- Australian Wealth Management Awards
- Australian Wealth Management Summit
- Better Business Awards
- Better Business Summit
- Broker Innovation Awards
- Broker Innovation Summit
- Budget Summit
- Commerical Finance Awards
- Corporate Counsel Summit
- Defence & National Security Workforce Awards
- Fund Manager of the Year Awards
- ifa Excellence Awards
- Lawyers Weekly 30 Under 30 Awards
- New Broker Academy
- Partner of the Year Awards
- Partner Summit
- REB Awards
- Rising Star Awards
- SME Bootcamp
- SMSF Technical Strategy Day
- Super Fund of the Year Awards
- Women in Finance Awards
- Women in Finance Summit
- Women in Law Awards
- Women in Law Forum
LEARNING AND EDUCATION
MOMENTUM MARKETS NETWORK
LINKS
STAY CONNECTED
Subscribe to the Adviser Innovation eNewsletter.
