Consolidator Harwood Wealth Management will ask its shareholders to approve the sale of the firm to company Bidco.
The cash offer from Bidco has valued the wealth management business at approximately £90.7m, with shares valued at 145 pence each. Bidco is a newly incorporate company based in Jersey that was formed for the purposes of the acquisition. It is controlled by global investment firm Carlyle Global Financial Services Partners. As an alternative to the cash offer, eligible Harwood shareholders may elect to receive a combination of cash and unlisted securities in Bidco. The board at Harwood intends to unanimously recommend the shareholders vote in favour of the acquisition, saying it repr...
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