Commonwealth Bank of Australia buys IWL
Commonwealth Bank of Australia said Wednesday it has agreed to buy financial services company IWL Ltd. for 373 million Australian dollars.
By Agencies |
MELBOURNE: Commonwealth Bank of Australia said Wednesday it has agreed to buy financial services company IWL Ltd. for 373 million Australian dollars.
IWL shareholders will be able to receive payment wholly in case or in Commonwealth Bank shares of equivalent value, the companies said in a joint statement.
IWL's board has recommended the offer in the absence of a superior bid, subject to independent expert Lonergan Edwards & Associates ruling that the scheme is in the best interests of IWL investors, the statement said.
The offer was made at A$6.57 a share less any dividend paid by IWL for the year ended June 30.
Melbourne-based IWL was advised by Goldman Sachs JBWere and lawyers Middletons. Sydney-based CBA hired Citigroup and lawyers Freehills to advise on the sale.
Shares of the Commonwealth Bank were down 3.5 percent midday at A$52.37. Shares of IWL were up 9.01 percent at A$6.41.
IWL shareholders will be able to receive payment wholly in case or in Commonwealth Bank shares of equivalent value, the companies said in a joint statement.
IWL's board has recommended the offer in the absence of a superior bid, subject to independent expert Lonergan Edwards & Associates ruling that the scheme is in the best interests of IWL investors, the statement said.
The offer was made at A$6.57 a share less any dividend paid by IWL for the year ended June 30.
Melbourne-based IWL was advised by Goldman Sachs JBWere and lawyers Middletons. Sydney-based CBA hired Citigroup and lawyers Freehills to advise on the sale.
Shares of the Commonwealth Bank were down 3.5 percent midday at A$52.37. Shares of IWL were up 9.01 percent at A$6.41.
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