James Hay takeover backed by IFG shareholders
The acquisition of Santander-owned self-invested personal pension (Sipp) provider James Hay has been approved by IFG Group shareholders.
At IFG's extraordinary general meeting (EGM) held earlier today (4 January) in Dublin, shareholders voted overwhelmingly in favour of proposals to secure the £35m acquisition of James Hay.
The EGM was also called to seek approval for a £45m share placing and open offer that also received support from almost all shareholders.
Mark Bourke, chief executive of IFG Group, said the group was now waiting on approval from regulators including the Financial Services Authority (FSA) for the deal to be completed.
Mr Bourke said: "There is a period of 60 days from the point of application. We should - at the very worst - have completed by the end."
However, a source familiar with the situation said regulatory approval was expected to be granted by the end of the month.
The James Hay brand is set to be adopted by the IFG Group, which has plans to build on the brand's strength in the UK and secure its dominant market position.
