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.