re: wes offer 4.50 1
Joint ASX Announcement
Wesfarmers Announces $700 Million
Recommended Cash Offer For OAMPS
5 September, 2006
Highlights:
A conditional cash offer of A$4.50 per share for the entire
issued capital of OAMPS Limited (ACN 006 743 719) valuing
OAMPS equity at A$700 million
The Board of OAMPS has unanimously recommended the
Wesfarmers offer in the absence of a superior proposal
Wesfarmers has a relevant interest in 9.8% of OAMPS
ordinary shares through a combination of outright
purchases and a pre-bid acceptance agreement
The offer represents a 29% premium to the OAMPS volume
weighted average share price for the 90 trading days
preceding this announcement
The OAMPS broking business will continue to operate
separately from Wesfarmers’ combined underwriting
businesses to maintain its independence in the market
The combined business will provide improved scale and
penetration in specialist insurance areas with various
platforms for growth. The Wesfarmers Insurance Division
will have pro forma 2006 gross sales of A$2.1 billion
Wesfarmers’ Bidder's and OAMPS’ Target's Statements are
expected to be lodged shortly and to be dispatched to
OAMPS shareholders in approximately 2-3 weeks, with the
scheduled closing date of the offer expected to be before the
end of October 2006 (unless extended)
OMP
oamps limited
