IWL to make new offer for JDV

IWL to make new offer for JDV STOCKBROKER JDV has again become the target of IWL Broking Solutions, with the Melbourne-based broker set to make an offer at a discount to its February bid for the local operation. Under the new IWL bid, shareholders of Perth-based JDV face the option of one-for-three in IWL scrip, or 80 cents cash for every share. This values the company at between approximately $71.9 and $77.9 million at IWL’s current share price, which has declined in value by about 21 per cent since late February. IWL’s chief operating and financial officer Luke Littlefield said the latest offer represented a fair price for the broker, of which IWL already owns 37 per cent. But the 700 or so remaining shareholders of JDV – including Westpac and the Royal Bank of Canada (RBC), which own 29 per cent of the company each – must be wondering what happened to their investment, which was valued at $1.03 per share in IWL’s prior offer. “We know from the last target’s statement, they [Westpac and RBC] preferred a cash, instead of scrip offer. Hence we’ve put out a cash offer this time,” Mr Littlefield said. He said the offer was expected to open on July 26 and run until August 28.

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