IWL bid for JDV flounders

FINANCIAL services technology group IWL’s takeover offer for Perth-based competitor JDV appears to have failed after two of the largest shareholders in the company have refused to part with their respective 29 per cent stakes in the company. Westpac, which was heavily involved in backing the company in its infancy, announced that it would not sell its stake in the company, and fellow 29 per cent shareholder, Royal Bank of Canada revealed it would not sell either. IWL declared the offer unconditional after securing over 30 per cent of JDV through the 1-for-3 scrip bid.

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