Increased investor appetite for shares in the soon to be listed BT Investment Management (BTIM) has forced Westpac to close its shareholder offer ahead of its December 3 deadline.
"The offer has received strong support from Westpac shareholders who are interested in gaining exposure to Australia's fast growing funds management industry via investment in a quality business with an experienced and focused investment team," BTIM chairman Brian Scullin said.
Scullin said the offer was closed at 11.59pm (Sydney time) on Wednesday 28 November.
The announcement of the early close of the offer is not expected to impact the timing of the bookbuild under the institutional offer, he said.
BTIM expects to announce the final price on or about Friday 7 December 2007 and the allocation policy for all applicants on or about Monday 10 December 2007.
Trading of BTIM shares on the Australian Securities Exchange is expected to commence on a conditional and deferred settlement basis on Monday 10 December 2007.
