Superannuation administration provider OneVue’s takeover of competitor Diversa has been approved by the independently appointed expert examining the deal.

Grant Thornton says both the offer of script and cash and the share-only offer are fair and reasonable, and the deal is in Diversa shareholders’ best interests.    

Based on past trading of Diversa shares, Grant Thornton has set a fair value of 77-90 cents.

The offer is 1.2 OneVue shares for each Diversa share, or one OneVue share and 10 cents for each Diversa share.

In the two months before the offer Diversa shares were trading at 54-68 cents.

The report also looks at prospects for the combined company. Grant Thornton estimates pre-tax synergies of $4 million by the end of the 2018 financial year.

It expects further synergies from increased revenue, with cross-selling opportunities across various business units.

The combined company will also be better placed to raise debt and equity than if Diversa remains as a standalone business.

Grant Thornton estimates Diversa shareholders will hold 25-28% of stock in the expanded business.

Diversa directors say they will vote in favour of the deal when shareholders meet on September 20. Subject to the shareholders’ meeting and court approval, the deal could be completed by October 6.