Arundel AG (SWX:ARON) signed a heads of agreement to acquire IMMAC Holding AG and HKA Hanseatische Kapitalverwaltung AG (targets) from Profunda Vermögen GmbH on March 29, 2018. The proposed purchase price will be determined on the basis of a fairness opinion and will be satisfied by a combination of cash and shares of Arundel AG in amounts to be agreed. The acquisition will include various subsidiaries and affiliates of the targets. Following the transaction, Marcus H. Schiermann, founder of targets, will be proposed for election to the Board of Directors of Arundel AG and other executives of targets will be considered to take on executive and administrative roles within Arundel AG. The acquisition will involve more than 70 employees in Germany, Austria and Ireland. The acquisition is subject to the conclusion of a definitive agreement, receipt of a satisfactory fairness opinion, shareholder approvals, approvals of appropriate regulatory and listing authorities, completion of satisfactory due diligence and procurement of necessary financing. An extraordinary general meeting of shareholders of Arundel AG will be held later in 2018, where shareholders of Arundel AG will be asked to approve a capital increase which will empower completion of the acquisition. It is not expected that the acquisition will be completed before the fourth quarter of 2018. Arundel AG (SWX:ARON) cancelled the acquisition of IMMAC Holding AG and HKA Hanseatische Kapitalverwaltung AG (targets) from Profunda Vermögen GmbH on March 29, 2019.