Australian wealth manager Financial Index Wealth Accountants (FIWA) has signed a Process Agreement with Crowe Horwath Australia to acquire all of the shares of Crowe Horwath through a scheme of arrangement.
As per the agreement, which provided exclusivity period until 30 July, FIWA will undertake further due diligence in respect of Crowe Horwath, and also the companies will negotiate the detailed terms of a scheme implementation agreement including consideration.
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Further, the agreement refrains Crowe Horwath from soliciting, inviting, or initiating negotiations or discussions to obtain any expression or offer from a third party in relation to a competing transaction.
The proposed acquisition would be through a scheme of arrangement, which would be subject to the approval of the Board and shareholders of Crowe Horwath.
Crowe Horwath has called off discussions with Anchorage Capital Partners for the proposal submitted by Anchorage on 19 March 2014.
In a separate statement, FIWA chief executive Spiro Paule said the company’s acquisitions follow a measured and thorough evaluation of target companies.
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By GlobalData"Findex has long had a strategy of growth through acquisition. Our highest profile transaction is that of Centric Wealth. This transaction only occurred after much due diligence and consideration from our experienced mergers and acquisition team," Paule added.
"The purchase of Centric Wealth was the right step for the business, our staff and clients and will see the brand maintain its privately owned and non-aligned status.
"We look for businesses with the right strategic and cultural fit for our group. Any future acquisitions will follow this same course. We are undertaking due diligence with Crowe Howarth and have exclusivity until 30 July," he said.
