(Australia) – The National Australia Bank’s online broking interest Sanford has been targeted for takeover by its major shareholder, financial planning group IWL.IWL has offered a 31 percent premium on Sanford’s recent average closing price in a bid which values the broker at A$10.9 million.
NAB holds 13.7 percent of Perth-based Sanford, and the bank says it is waiting for the Sanford board recommendation before making a decision on the bid.
Chief executive and founder Stephen Goh, whose contract was extended until March next year after a bitter board spill, will also be a crucial factor in the decision.