Mariner's objectives were to become a substantial shareholder of Wilson HTM, achieve board representation and implement strategies to bridge the gap between Wilson HTM's net tangible assets (NTA) and its current trading price.
"Mariner has made this offer because Wilson HTM has performed poorly for many years and we believe there is an appetite amongst [its] shareholders for change," Mariner said in a statement to the Australian Securities Exchange.
"By converting to Mariner shares, Wilson HTM shareholders can become part of a growing and successful Australian investment company and Mariner shareholders, including Wilson HTM shareholders who accept this offer, will benefit from the increase in value we can deliver through our stake in Wilson HTM."
According to Wilson HTM's 2012 financial year report, the company recorded $74.3 million in revenue, which was a significant fall from $139.8 million for the previous period.
Its NTA dropped to $48 million in the 2012 financial year, from $55.6 million.
Its cash and principal investments also suffered a fall to $16.3 million from $34 million.
Wilson HTM advised its shareholders to take no action in relation to the offer.
