Login
Easton Investment secures ‘friendly’ off-market takeover bid
Easton Investment has been advised by Colin Biggers & Paisley on its “friendly” takeover bid of HUB24 shares.
Naomi Neilson
Firm: Colin Biggers & Paisley (Easton Investments Limited)
Value: N/A.
Area: Corporate, finance.
Key players: The team was led by partners Brent Van Staden and David Kennedy, who were supported by Damien Gillespie and Joshua Waters.
Deal significance: 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.
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 per cent of Easton’s shareholders taking up the offer, resulting in HUB now holding a relevant interest in 31.51 per cent of Easton’s shares.
CBP assisted Easton through all aspects of the heavily regulated takeover process, including preparation of their target statement and coordination of its due diligence activities. CBP also assisted Easton in negotiating a number of commercial arrangements with HUB to strengthen the parties’ working relationship before the takeover bid.
Naomi Neilson
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
You can email Naomi at:
