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- Release Date: 14/06/13 14:47
- Summary: ASSET: EBO: EBOS Shareholders Overwhelmingly Support $1.1B Acquisition
- Price Sensitive: No
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EBO
14/06/2013 12:47
ASSET
REL: 1247 HRS Ebos Group Limited
ASSET: EBO: EBOS Shareholders Overwhelmingly Support $1.1B Acquisition
EBOS SHAREHOLDERS OVERWHELMINGLY SUPPORT $1.1B SYMBION ACQUISITION
News Release Date: 14 June 2013
EBOS Group Limited (NZX: EBO) shareholders today voted overwhelmingly in
favour of the $1.1 billion (enterprise value) acquisition of Symbion.
All six resolutions were passed at a Special Meeting of shareholders held in
Christchurch today, paving the way for EBOS to become a leading Australasian
business with pro-forma FY13 revenue in excess of $6 billion.
EBOS Managing Director Mark Waller said: "This was a fantastic endorsement
from our shareholders of what is one of the largest transactions in New
Zealand in recent times. Their support gives us the green light to proceed
with this outstanding opportunity to bring together two complementary market
leading businesses."
"From today it transforms us into the largest diversified Australasian
marketer, wholesaler and distributor of healthcare, medical and
pharmaceutical products by revenue and a leading Australasian animal care
products marketer, wholesaler and distributor. Whilst combined revenue is
initially expected to be $6 billion, looking forward, the increased scale and
complementary nature of both businesses is expected to open up additional
revenue opportunities and operational efficiencies."
A prospectus will be sent to all EBOS shareholders registered at 5pm today
detailing a fully underwritten pro-rata renounceable rights issue to raise
$149 million. It was a matter of priority for the EBOS Board that all
existing shareholders should have the opportunity to participate in the
funding of the Symbion acquisition on an equitable basis. The Board of EBOS
urges shareholders to either take up their entitlements for new shares or to
sell their entitlements. To do nothing will likely mean a loss of value to
shareholders.
The transaction settlement is expected to take place on or about 5 July 2013.
EBOS Chairman Rick Christie welcomed the appointment to the board of two
Zuellig nominated Directors, Peter Williams and Stuart McGregor.
"The EBOS Board will benefit from the addition of these new Zuellig director
representatives providing a wealth of experience in the Australian and
international healthcare markets."
Ends
For enquiries:
Geoff Senescall
Senescall Akers Limited
021481234
End CA:00237423 For:EBO Type:ASSET Time:2013-06-14 12:47:16
