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WH Ireland Shares Under Pressure As Market Digests Failed Takeover Bid

Negotiations can continue until the end of this year between the parties, Oberon said in a statement last week, after shareholders threw out its proposal for a takeover.
Boutique wealth manager and corporate broking group Oberon's proposal to buy WH Ireland’s wealth management arm – as reported in September – has hit the buffers. WH Ireland shareholders overwhelmingly rejected the £1 million ($1.33 million) cash deal.
The wider market is unhappy. Shares in WH Ireland sank by almost
27 per cent by the close of London trading on Friday 10
October after briefly rallying the previous day on news of
the shareholder decision. Since the start of the year, they have
crashed by 60 per cent.
In a statement last week, Oberon’s board said it noticed an 8
October announcement from WH Ireland following
media speculation about the proposed deal. Oberon said that,
after taking legal advice, it understands that its asset purchase
agreement remains “valid and binding,” with talks continuing
until 31 December this year.
In a vote, published on 9 October, 95.63 per cent of WH Ireland
shareholders voted against the resolution; 55.5 per cent voted
against a delisting proposal.
In the 22 September statement setting out the case for buying WH
Ireland, Oberon said the acquisition would strengthen its
position "as a fast-growing UK full-service boutique," adding
offices in Manchester and Poole to its London headquarters and a
back office in Basildon, increasing its regional footprint,
client access, and operational scale. Oberon has secured £4.58
million in new funding via convertible loan notes and an equity
raise – giving the group the financial firepower to support
integration and accelerate its growth strategy.