Australia: HUB24 Limited's proportional takeover of Easton Investments Limited
Colin Biggers & Paisley recently advised the target, Easton Investments Limited (Easton), in relation to a "friendly" proportional off-market takeover bid from HUB24 Limited (HUB) to acquire up to one-third of its shares.
Easton is an ASX-listed company that provides integrated services and solutions to over 3,500 accounting firms and wealth management businesses across Australia.
HUB is an ASX-listed financial services company with a market capitalisation of approximately $1.54 billion at the time of writing. HUB is focused on the provision of investment and superannuation portfolio administration services, the delivery of licensee services to financial advisors, and technology and data services to the financial services industry.
Easton's directors unanimously recommended that its shareholders accept HUB's bid in the absence of a superior offer. HUB's bid closed on 22 February 2021 with 75% of Easton's shareholders taking up the offer, resulting in HUB now holding a relevant interest in 31.51% of Easton's shares.
Colin Biggers & Paisley assisted Easton through all aspects of the heavily regulated takeovers process, including preparation of their Target Statement and coordination of its due diligence activities. Colin Biggers & Paisley also assisted Easton in negotiating a number of commercial arrangements with HUB to strengthen the parties' working relationship before the takeover bid.
Easton's legal team was led by partners Brent Van Staden and David Kennedy, supported by Damien Gillespie and Joshua Waters.
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