March 9 (Reuters) - Hunter Hall International Ltd (HHL)
- Hunter Hall announces proposed merger with Pengana
- Entered into an agreement to merge its business with Pengana Holdings Pty Ltd
- Estimated back office and occupancy cost savings of $6 million per annum to be realised from fy2018
- Merger will be effected by co acquiring all shares in pengana in return for issuance of 74.1 million hunter shares to Pengana shareholders
- Following merger, hunter hall shareholders to own about 27% and Pengana shareholders to own about 73% of issued equity of hunter hall
- "Board has assessed proposed merger to be superior to current off-market takeover offers for Hunter Hall"
- Russel Pillemer will be ceo of merged business
- Board of hunter hall intends to unanimously recommend that shareholders vote in favour of proposed merger
- Board continues to recommend shareholders reject takeover offers from Washington H. Soul Pattinson And Co and Pinnacle Ethical Investment Holdings
News: SOL Hunter Hall International announces proposed merger with Pengana
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