Computershare swoops again

The acquisitive Computershare has identified at least $8 million in synergies from its agreed $153 million takeover of QM Technologies, one of its main rivals in the communication services industry.

Computershare has made nearly 50 acquisitions at home and abroad in the past eight years, but the bid for QM is the largest in Australia and the first of an Australian publicly listed entity.

For that reason, Computershare turned to outside help for the first time, tapping Kelvin Barry from UBS to advise on the transaction. Its legal team is from Minter Ellison.

The $3.40 a share bid was pitched at a 51 per cent premium to the previous closing price, but QM's share has fallen steadily from around the bid level since the last July. Computershare was keen to merge after Salmat, the largest player in the communications services industry, boosted its market share after a takeover of HPAL.

Computershare has two offers on the boil at the moment, with a near $100 million offer for German "corporate action” bank VEM nearing completion. It is not using any financial advisors for that transaction.