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.
