Competition for control of ethical fund manager Hunter Hall International (ASX:HHL) is heating up.
Brisbane investor, Stuart McAullife, has now entered the bidding and offered to buy up to a 20% stake in Hunter Hall at $2.40 per share.
McAullife intends to make this acquisition through the investment companies he controls – John Bridgeman Ltd and Henry Morgan (ASX:HML). He has significantly outbid his competition so far.
Yesterday, Washington H. Soul Pattinson (ASX:SOL) raised its bid to $2.20 for each Hunter Hall share. This prompted Pinnacle Investment Management increased its offer to $2.20 per share (if it acquires 24% or more of Hunter Hall shares).
Hunter Hall posted a net profit of $19.1 million at 30 June 2016.