Praemium (PPS) share price jumps on NetWealth interest
PPS +14.46%: the investment platform has had an approach from peer Netwealth (NWL) in an all scrip offer. Praemium shareholders would receive 1 NWL share for 11.96 PPS shares, plus a cash consideration of around 5c tied to the sale of the international arm. The total worth would be $1.55/sh, a 29% premium to the close last week when first approached, however the Praemium board believe they can squeeze more. Competitor HUB24 (HUB) has been very active, now Net Wealth (NWL) is stepping up. PPS was strong today, however we see more upside given the substantial synergies between the two.
MM will remain holders of PPS
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