Crowe Horwath Australia has signed an agreement in relation to a proposal under which FIWA will acquire all of the shares in Crowe Horwath by way of a scheme of arrangement.
On 8 May 2014, Crowe Horwarth announced it had agreed to provide information to a party following receipt of a non-binding, indicative and conditional expression of interest.
FIWA is that party and is partnered in the proposed transaction with KKR Asset Management, an affiliate of KKR & Co.
The 'Process Agreement' provides for an exclusivity period that ends on 30 July 2014, during which FIWA will undertake further due diligence in respect of Crowe Horwath, and the parties will seek to negotiate the detailed terms of a scheme implementation agreement including consideration.
Under the exclusivity arrangements, Crowe Horwath must not "solicit, invite, facilitate, encourage or initiate enquiries, negotiations or discussions with a view to obtaining any expression or interest, offer or proposal from a third party in relation to a competing transaction".
In addition, Crowe Horwath must not solicit, invite, facilitate or encourage a third party to undertake due diligence on Crowe Horwath.