Announcing the proposal in a statement to the ASX, the platform provider said the directors are currently 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.
“Hub24 shareholders do not need to take any action in relation to the proposal at this time.”
According to Hub24, the proposal, which outlines the intention to purchase all of the company’s shares for a cash consideration of $2.75 per share, is subject to a number of conditions.
These conditions include the satisfactory 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 offer.
“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 Q1FY16 and also has a significant pipeline of new business opportunities.
“These factors contribute to the attractiveness of Hub24 in providing superior outcomes for financial advisers, their clients and shareholders,” the statement said.
