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 Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held