Investing.com -- London-based wealth and investment management firm Kingswood Holdings said on Tuesday it has accepted a cash takeover offer of 48 million pounds ($62.4 million) from its largest shareholder, HSQ Investment.
Shareholders who accept the offer will receive 7 pence per share, which represents an 18% discount from the closing price of 8.50 pence on March 11, the day before the company disclosed it was in advanced negotiations for a deal.
HSQ Investment currently holds approximately 89.39% of the voting rights in Kingswood.
The board of Kingswood has expressed its belief that the terms of the offer are fair and reasonable.
Consequently, it has unanimously recommended that shareholders accept the takeover offer from HSQ Investment.
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