Business
E&P Financial (ASX:EP1) share price lifts 3% on higher takeover bid
The E&P Financial Group Ltd (ASX: EP1) share price has gained a boost today, after the company received a full takeover offer. A bid to buy out the remaining shares of the embattled financial adviser came from its shareholder, 360 Capital Group Ltd (ASX: TGP).
At the time of writing, the E&P Financial share price is up by 3.13% to 66 cents, while the 360 Capital share price is down 1.04% to 95.5 cents.
What’s the offer
On 27 October, 360 Capital offered E&P 61 cents a share for 80.45% of the shares it doesn’t already own. This was rejected.
360 Capital made a fresh bid today, this time offering E&P’s shareholders 69 cents per share, a 13% increase on its first bid.
The offer has been structured at $0.30 per E&P share, plus 2…
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