eChoice sale period closes

by Miklos Bolza13 Dec 2017
Bidding for the financial firm eChoice has wrapped up with the period of sale reaching its end last Friday. 

With eChoice and 13 subsidiary companies falling under voluntary administration, offers from all interested parties were set to be received by 5pm on 8 December at the latest.

The voluntary administrators from financial services consultancy Rodgers Reidy announced that they had received a formal unconditional offer from a large financial institution on 1 December in a letter to shareholders.

Under the terms set out by the voluntary administrators, bidders were required to supply a deposit equal to 10% of the total purchase price as well as evidence that they can fully fund the acquisition.

When contacted by Australian Broker, Geoff Reidy, voluntary administrator and director of Rodgers Reidy, said that a “number of parties” had expressed interest in purchasing some or all of eChoice’s assets.

However, he declined to offer further information about the process of sale or the identity of the final buyer.

“The discussions between the administrators and these parties are confidential and commercially sensitive, and the administrators will not be commenting on them.”

Australian Broker also reached out to eChoice but it declined to comment on the deal.

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