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Praemium makes bid for Powerwrap

Sarah Kendell
— 1 minute read

A listed managed accounts group has made an off-market takeover bid of over $55 million for an adviser platform provider.

In a statement released to the ASX on Thursday, Praemium said it had entered into a bid implementation agreement to make an off-market conditional takeover bid for all of the shares of Powerwrap that it did not already own.

The company said the shares would be acquired for $55.6 million, and would create a merged group with over $27 billion in funds under administration (FUA).

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“The Powerwrap board of directors unanimously recommended that Powerwrap shareholders accept the offer and have indicated that they will accept the offer... in the absence of a superior proposal,” Praemium said.

“Powerwrap [shareholders] will have the opportunity to participate in the benefits of a merged group which will be one of Australia’s largest independent specialist platform providers on a combined FUA basis.”

Praemium chairman Barry Lewin said the deal represented an exciting opportunity.

“For many years, Praemium has been on a growth trajectory with a recent history of generating steadily growing profitability. This merger adds increased scale and significant synergies,” Mr Lewin said.

 

Praemium makes bid for Powerwrap
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