Praemium Makes A$55 Million Bid to Acquire Powerwrap, Stock up ~16%

  • Jul 09, 2020 AEST
  • Team Kalkine

Praemium Limited (ASX:PPS) and Powerwrap Limited (ASX:PWL) have entered into a bid implementation agreement under which Praemium shall make an off-market conditional takeover bid for all of the Powerwrap shares it does not hold currently.

The offer values Powerwrap at an indicative per share price of 26.44 cents, or implied cost of A$55.6 million for all its issued share capital.

The merger from this agreement is anticipated to form one of Australia’s largest independent specialist platform providers with combined funds under administration value of more than A$27 billion across Australia, the UK, and Asia.

Post announcement PPS quoted at A$0.440 up by 18.919% at AEST 12:01 PM.

 


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