Hub24 Ltd (ASX: HUB) shares will be on watch this morning after the company updated the market late yesterday about its proposed takeover offer to Easton Investments Ltd (ASX: EAS). At Tuesday's market close, the Hub24 share price finished the day 2% lower at $26.32.
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Hub24's tabled offer
The Hub24 share price could be on the move today after the company advised its takeover offer will expire soon. Hub24 updated the ASX about its intentions in the final hour of trade yesterday.
According to its release, Hub24 advised that it will not be extending its off-market takeover offer past 7:00 pm on 22 February 2021.
Last month, the company put forward its offer to Easton shareholders in a bid to acquire one out of every three ordinary shares. The cash consideration offered to Easton shareholders stood at $1.20 per Easton share.
Easton directors unanimously urged its shareholders to accept the takeover offer from Hub24, in the absence of a superior offer.
It's worth noting that Hub24 currently holds a 29.3% interest in Easton. Each of Easton's directors accepted the takeover offer, which represented 3,411,206 shares or 9.1% of all Easton shares.
Quick take on Hub24
Established in 2007, Hub24 is a fintech company that provides investment and superannuation portfolio administration services. The group's platform offers a range of investment management options, including transaction and reporting solutions. These allow advisors to efficiently manage their clients' wealth portfolios and provide value-added services.
Hub24 share price snapshot
Over the last 12 months, the Hub24 share price has accelerated, delivering gains of more than 140%. During March 2020, Hub24 shares fell to a 52-week low of $5.98 before zooming higher. Just last week, the company's shares reached an all-time high of $27.80 and are now within striking distance of breaking that new record again.
Based on the current Hub24 share price, the company commands a market capitalisation of around $1.76 billion.
