Platinum, L1 Capital complete due diligence and tweak merger terms
Make us a preferred source
Make us a preferred source on Google
The news: Platinum Asset Management has said it has "constructively progressed" discussions with rival fund manager L1 Capital, and both companies have completed the due diligence phase of their proposed merger, announced last month.
The numbers: Platinum said that as a result of the mutual due diligence and related discussions, the companies have agreed that L1 Capital shareholders will own 74% of the shares in Platinum and existing Platinum shareholders will own the remaining 26%.
The initial terms stipulated that L1 shareholders would own 75% of the combined business.
The context: The companies are now seeking to finalise negotiations of the merger implementation deed, which will set out the full terms of the potential merger.
The deal remains subject to final approval by Platinum's board and an assessment of the best interests of the company's shareholders.
The source: ASX
