Balancing out SFG’s bid withdrawal

SFG has taken its bid for WHK off the table ... but it may be worth holding.

There has been a bit of action in the wealth management space in the past few days. First off, SFG Australia has withdrawn its all-stock offer for WHK Group following WHK’s recent earnings downgrade. In a market update at the end of last month, WHK said it expects its earnings for the six months to June to come in 20% lower than the same period last year. Since then, its shares have fallen about 20%. Remember, this was supposed to be a merger of equals when it first came about.

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