Harwood Wealth Management Takeover Offer Gains Approval From UK FCA

(Alliance News) - Harwood Wealth Management PLC said Monday it has received approval from the UK ...

Alliance News 24 February, 2020 | 5:30PM
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(Alliance News) - Harwood Wealth Management PLC said Monday it has received approval from the UK Financial Conduct Authority for its takeover by Hurst Point Topco Ltd, a company formed by funds managed by US private equity firm Carlyle Group.

Earlier in February, Harwood gained approval from shareholders for the GBP91 million takeover offer by Hurst Point.

The remaining condition for the takeover is a sanction from the High Court of Justice in England & Wales at a hearing which is expected to be held in March.

Harwood first accepted Hurst's offer in December, where the latter would acquire the Hampshire-based wealth management firm for 145 pence per share, valuing the company at GBP91 million.

Should the court sanction the scheme, it is expected that the takeover will become effective in March.

Shares in Harwood Wealth Management closed 1.7% at 140.14 pence on Monday in London.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Harwood Wealth Management Group PLC

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