Australia-based investment management company John Bridgeman Ltd. announced a plan to make off-market offers for investment companies Henry Morgan Ltd. and Benjamin Hornigold Ltd.
John Bridgement has entered into bid implementation agreements with each company.
The company said it will offer 0.95 of its own shares for each Henry Morgan share that it does not own. Separately, it will offer 0.65 John Bridgeman share for each Benjamin Hornigold share and 0.5 John Bridgeman option for each Benjamin Hornigold option.
The independent directors of each target company will conduct due diligence on the respective offers and will recommend to shareholders if no superior proposal is received. The boards of Henry Morgan and Benjamin Hornigold both intend to accept the offer.
John Bridgeman Managing Director Stuart McAuliffe said combining the three companies will form a larger operating company with a number of operating businesses, and will is anticipated to generate synergies.
McAuliffe is also managing director at Henry Morgan and Benjamin Hornigold.