ASG shareholders back $350m takeover

08/12/2016 - 13:59

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Perth-based IT services firm ASG Group is set to be acquired by a Japanese business in a $349 million deal, after shareholders voted in favour of the takeover today.

ASG shareholders back $350m takeover
ASG Group chief executive Geoff Lewis (third from left) with chairman Ian Campbell (second), NRI senior executive general manager Ayumu Ueno (left) and senior corporate managing director Hajime Ueda. Photo: Attila Csaszar

Perth-based IT services firm ASG Group is set to be acquired by a Japanese business in a $349 million deal, after shareholders voted in favour of the takeover today.

Japan-based consulting and IT services firm Nomura Research Institute in September offered ASG $1.63 in cash for every ASG share, representing a 38 per cent premium to the Perth company’s 30-day volume-weighted average price at the time.

ASG chief executive Geoff Lewis and chairman Ian Campbell joined NRI senior executive general manager Ayumu Ueno and senior corporate managing director Hajime Ueda at the shareholders meeting today, where 99.92 per cent of votes were cast in favour of the acquisition.

The takeover is still subject to court approval, but yesterday the Foreign Investment Review Board confirmed it had no objections to the proposal.

ASG shares were steady at $1.62 each at the close of trade.

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