ASG Group receives $349M Nomura takeover bid

Company News

by Jessica Ellerm

ASG Group Limited (ASX:ASZ) has announced it has received a $349 million takeover offer from Nomura Research Institute. 
Nomura has offered to acquire the business at $1.63 per share, a 20 percent premium to Thursday’s closing price.
An Independent Board Committee established by ASG has unanimously recommended shareholders vote in favour of the takeover.
Nomura will fund the acquisition via existing cash reserves, and will seek to take ASGs service offering into new international markets.
ASG Group Limited reported a net profit of $12 million at 30 June 2016.

Jessica Ellerm

Finance News Network
Jessica joined FNN in April 2016 and presents the Australian Share Market Outlook, and reports on the morning's leading business stories. Alongside FNN Jessica is a fintech industry commentator, writing for her own blog and a number of international online publications.