- Home
- News
James Hay changes Nucleus takeover strategy
James Hay is set to acquire rival platform Nucleus via a recommended cash takeover offer, a change of tack from its original plan of using a scheme of arrangement.
Nucleus’ directors have consented to the switch to a takeover offer.
Under a takeover offer, a proposal is made by the acquiring firm to target all shareholders of the company to be acquired.
This new approach only needs 50% of shareholders in order for the acquisition to be formally accepted. The board of Nucleus and current private-equity owner Sanlam hold over 50% of the company between them, with both saying they are in favour of selling.
James Hay had previously secured 94.93% of the votes received but need to be secure about the total votes being cast.
A scheme of arrangement, James Hay’s original approach to the acquisition, sees the acquisition target propose the deal to its shareholders. This approach needs at least 75% of shareholder votes.
The terms of the offer remain the same with Nucleus shareholders entitled to receive 188 pence per share.
Earnings per share also dropped 46% year on year as the firm put its final dividend on hold due to the proposed acquisition.
From Financial Planning Jobs. For more click on any job.
-
Chartered Financial Planner - Staffs - £80k-£100k
Financial Planning Jobs Read more... -
Wealth Managers - UK-wide Opportunities with HSBC
Financial Planning Jobs Read more... -
Performance Director - South West - £100k+bonus
Financial Planning Jobs Read more...
This is a selection of jobs from our new Financial Planning Jobs site - for more job vacancies click on any job or the link below.
Financial Planning Jobs https://jobs.financialplanningtoday.co.uk/