FCA okays Team's takeover of WH Ireland, will take effect on March 24

(Alliance News) - Team PLC and WH Ireland Group PLC on Friday said the UK's Financial Conduct Authority approved the financial services firm takeover by the Jersey-based Team in an all-share deal announced in November.

The deal is slated to become effective on March 24, with the last step being the court-sanctioning of WH Ireland's takeover by Team, scheduled for March 20.

Team, a wealth, asset management and complementary financial services company, and WH Ireland agreed on the terms of the acquisition on November 27, with Team doling out 0.195 new shares for every WH Ireland share for a total consideration of approximately GBP12.7 million.

The offer, given share prices at the time, represented an almost threefold premium paid to WH Ireland to the close on November 12, the last day before the offer period began.

With both companies' shareholders approving the deal, WH Ireland's shareholders will represent about 44% of the enlarged capital made up of the two soon-to-be-merged companies.

WH Ireland shares were up 18% to 4.50 pence each on Friday afternoon in London, while Team shares were quoted at 24.00 pence.

By Martin Miraglia, Alliance News reporter

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