Under the scheme of arrangement, new Milton shares will be issued to Choiseul shareholders in exchange for their Choiseul shares.
The number to be issued to each shareholder will be calculated using the relative pre-tax net intangible asset backing per share of each company.
Milton said the acquisition would benefit its shareholders by acquiring Milton's equity investment portfolio, additional cash for future investment, and an increase in total assets to around $2 billion.
Choiseul expects to hold a shareholder vote on the scheme in November, and if approved the transaction will take place in December.
Choiseul shares are today trading 0.21% higher at $4.700, while Milton shares are 0.06% higher at $15.650.