Online financial content provider Bourse Data has announced plans to
launch a takeover bid for superannuation consulting firm CSA.
Bourse intends to issue 600,000 shares as consideration with a further
150,000 to be issued subject to certain performance criteria at the end of
the 2001 financial year.
CSA has a market presence in most Australian capital cities with more
than AUS$100 million (US$60 million) of funds under administration. The
company has also developed its own client interface and administration
software.
Under the deal, CSA will continue to operate as an independent business
unit, while it and Bourse would share resources and assets including
technology, people and customer databases.
Bourse Data chairman Gil Hoskins said that CSA would prove an attractive
acquisition not only because of its position in the superannuation
industry, but also because its approach and systems offered a strong base
from which to expand.
“It is our intention to combine these innovations with the current
Bourse offering, to provide a unique customer service,” said Hoskins.
CSA managing director James Benson said he expected the deal to allow
CSA to take advantage of emerging opportunities within the Australian
superannuation market.