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  • Concentrated Leaders Fund (CLF) has responded to WAM Capital's (WAM) Second Supplementary Bidder's Statement as the takeover bid moves forward
  • The original Bidder's Statement by WAM offered CLF shareholders two WAM shares for every 3.7 CLF shares
  • CLF rejected that initial offer, stating at the time that it was "opportunistic and fails to provide CLF shareholders sufficient value"
  • A second offer was then issued by WAM on Tuesday, increasing the offer to two WAM shares for every 3.5 CLF shares
  • On Friday, CLF have advised shareholders to accept the new offer
  • CLF shares closed trading the week ahead o.4 per cent at $1.27 while WAM finished up 0.45 per cent at $2.24

Concentrated Leaders Fund (CLF) has responded to WAM Capital's (WAM) Second Supplementary Bidder's Statement as the takeover bid moves forward.

The original Bidder's Statement was released by WAM on September 3 last year and offered CLF shareholders two WAM shares for every 3.7 CLF shares on issue.

In a statement released by CLF in response to the initial, Chairman of the Board Brian Sherman recommended shareholders reject the WAM offer.

He stated that the offer was "opportunistic and fails to provide CLF shareholders sufficient value."

Wake me up, when there is a new offer

The Second Supplementary Bidders Statement document was issued on Tuesday, with WAM increasing the offer to two WAM shares for every 3.5 CLF shares.

The new offer effectively values CLF at $1.28 per share based on Friday's closing price for WAM share.

WAM also revealed it has increased its stake in CLF to 58.15 per cent.

In a statement issued by the company on Friday, CLF's independent board committee has reversed their position and now unanimously recommended that all CLF shareholders accept the WAM bid.

CLF says the change in recommendation is due to the increased WAM offer and ongoing uncertainty around the takeover bid impacting the ability to manage CLF.

It also cited the fact that WAM effectively controls CLF regardless and there was no prospect of a superior proposal being received.

WAM says CLF shareholders have until 7:00pm AEDT on February 26 to accept the revised offer.

CLF Shares closed trading the week ahead o.4 per cent at $1.27 while WAM finished up 0.45 per cent at $2.24

CLF by the numbers
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