Hunter Hall says its board will recommend shareholders vote in favour of a merger with Pengana, subject to no better offer emerging.
It was announced on March 9 that Hunter Hall had entered an agreement to acquire all the issued share capital of Pengana, in return for an issue of Hunter Hall shares.
Each Pengana shareholder would receive 120.2 Hunter Hall shares for every one Pengana share.
Hunter Hall shareholders would own about 27% of the issued equity, and Pengana shareholders 73%.
The combined entity would have more than $3 billion in funds under management.
In February, Pinnacle announced its intention to vary its takeover offer to acquire Hunter Hall, with an unconditional offer price of $2 per share or a conditional price of $2.40 provided Pinnacle gets to 24% before 7pm on March 15.
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