Peter Hall has sold his remaining 24% stake in Hunter Hall (ASX:HHL) to Washington H. Soul Pattinson (ASX:SOL) for $2.60 per share.
In December 2016, Soul Pattinson agreed to buy an initial 19.9% stake from Mr Hall for the lower price of $1.
Mr Hall’s decision to sell his shares at much lower price than their market value, triggered a bidding war for his remaining shares and control of Hunter Hall. Soul Pattinson now owns 44.2% of Hunter Hall.
The board of Hunter Hall also made a deal with private fund manager, Pengana, to take control of Hunter Hall via a reverse merger. This deal is currently subject to shareholder approval, and Soul Patts is not eligible to vote on this transaction.
Yesterday, Hunter Hall shares closed 1.12% lower at $2.64.