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In a bid to become one of Australia’s leading non-bank mortgage managers, Firstfolio has made an off-market takeover bid for Xplore Capital.
According to a report in InvestorDaily, Firstfolio is offering all Xplore shareholders 19 cents for each share, valuing the overall deal at $3.08 million.
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The takeover also includes the Xplore Financial Planning business, which is a corporate authorised representative of ComCorp Financial Advice, which was purchased by MMC Contrarian in March 2009.
"The acquisition of Xplore Capital would consolidate Firstfolio as one of Australia's leading non-bank mortgage managers and financial services companies," Firstfolio said.
"Firstfolio and Xplore Capital operate complementary businesses that focus on the mortgage management and financial services market.
"The acquisition of Xplore Capital will achieve long-term synergy benefits by reducing or eliminating costs incurred by Xplore Capital as a public company and related overheads."
Xplore's directors have recommended its shareholders accept Firstfolio's offer in the absence of a superior proposal.
Last December, Firstfolio announced it would actively acquire three separate companies including First Chartered Capital (FCC), Loan Services Australia and Xplore Capital.
The company’s last acquisition was FCC, which was completed in December last year.
