Monday 11th February 2019 |
Text too small? |
The independent report on Australia-based GWA’s $118 million takeover offer for taps maker Methven says the offer is at the top of its valuation range.
GWA is offering $1.60 per share for Methven via a scheme of arrangement and has also agreed that the company can pay out up to 5 cents per share in dividends, taking the effective price to $1.65.
Grant Samuel has valued Methven shares at $1.41-1.60 and says that includes a premium for control.
Methven’s cornerstone investor, Brendan Lindsay, who owns 19.9 percent, has already given the offer his blessing and directors have committed another 2.1 percent and have unanimously recommended other shareholders accept the offer in the absence of a superior proposal.
To secure control, GWA needs the support of shareholders owning 75 percent of shares voted at a special meeting set for Tuesday, March 12. That is a lower barrier than the 90 percent threshold for a takeover offer under the Takeovers Code.
The shares recently traded at $1.58.
(BusinessDesk)
No comments yet
July 17th Morning Report
Meridian Energy monthly operating report for June 2025
July 16th Morning Report
AIA - June 2025 Monthly traffic update
CHI - Q2 2025 Operational Update
July 15th Morning Report
BPG - Blackpearl Acquires US AI Platform to Accelerate Growth
TGG - Response to media speculation
ARB - Annual Meeting Date and Director Nominations
CNU - Q4 FY25 Connections Update