Former Hunter Hall chief investment officer Peter Hall has accepted an offer from Washington H. Soul Pattinson for his remaining stake in the ethical fund manager.
In a statement to the ASX, Hunter Hall (HHL) said Mr Hall had accepted Washington H. Soul Pattinson’s (WHSP) take-over bid for his remaining shares, giving WHSP a relevant interest of 44.2 per cent of the company.
WHSP initially acquired a 19.9 per cent stake in the company from Mr Hall shortly after his resignation from HHL was announced to the market on 30 December 2016, and subsequently announced it would make a takeover bid for the remaining shares in the company.
Pinnacle Investment Management also made a bid for the company with both businesses subsequently increasing their bids, however the board of HHL have advised shareholders to reject both offers as each “significantly undervalues” the shares.
Mr Hall’s decision follows the 9 March announcement of a proposed merger between HHL and Pengana Capital, a business in which WHSP holds a 37 per cent stake.
Initially, the merger would have resulted in WHSP acquiring a 32 per cent stake in the combined business, however a HHL spokesperson told InvestorDaily that the acquisition of Mr Hall’s remaining shares will bring WHSP’s holdings in the new company to 39 per cent.