Wesfarmers given go-ahead for OAMPS takeover

Wesfarmers Ltd has cleared the last regulatory hurdle in its takeover bid for insurance group OAMPS Ltd, clearing the way for it to complete the offer once the remaining conditions have been satisfied.

The full text of a Wesfarmers announcement is pasted below

Wesfarmers Insurance Investments Pty Ltd has today received approval from the Australian Prudential Regulation Authority to proceed with its acquisition of shares in OAMPS Ltd under its takeover bid for OAMPS. All of the regulatory approvals that were required before Wesfarmers could complete the acquisition of OAMPS shares have now been received.

Accordingly, Wesfarmers will be in a position to complete the Offer once the remaining conditions have been satisfied, or are waived by Wesfarmers.

Wesfarmers urges all shareholders to accept the Offer now. This will enable the Offer to become unconditional and allow shareholders to be paid for their OAMPS shares as soon as possible.

The OAMPS Directors have accepted Wesfarmers' Offer for their shares (except for a small holding retained to ensure they each meet the share qualification obligation for Directors under the OAMPS constitution). The OAMPS Directors have also recommended that all shareholders accept immediately.

Wesfarmers recognises that there may be some OAMPS shareholders who are supportive of the Offer but who may not be willing or able to accept before the Offer is, or will become, unconditional. Accordingly, Wesfarmers proposes to put in place an Institutional
Shareholder Acceptance Facility. The details of the Institutional Shareholder Acceptance Facility will be provided within the next few days.