Praemium (ASX:PPS) is to acquire Powerwrap (ASX:PWL) for $55m

Company News

by Rachael Jones

Praemium (ASX:PPS) and Powerwrap (ASX:PWL) have entered into a bid implementation agreement at an indicative price of 26.44 cents per Powerwrap Shareor $55.6 million for all of Powerwrap’s issued share capital.

Praemium is offering 7.5 cents in cash for every Powerwrap share and one Praemium share for every two Powerwrap shares held.

The combined offer is at a 51.1 per cent premium to the last closing price of Powerwrap shares.

The Powerwrap board of directors unanimously recommend that Powerwrap Shareholders accept the offer.

Shares in Praemium (ASX:PPS) are trading 14.86 per cent higher at 42 cents.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.