TCL 9:14 AM Transurban & Sydney Roads Group announce Merger
Transurban Group (”Transurban”) today announced it intends to make an offer (“Offer”) for all the stapled securities in Sydney Roads Group (“SRG”). Under the Offer, Transurban is providing SRG security holders two consideration alternatives: • 1 Transurban security for every 5.7 SRG securities (All Scrip Alternative); OR • $1.32 cash per SRG security up to a maximum amount of cash consideration of $500 million (Cash Pool Alternative). The relative mix of cash and securities under this alternative will vary according to the number of SRG security holders who accept it. If less than 40.6% of SRG security holders elect the Cash Pool Alternative, those that accept it will receive all cash consideration for their securities.
The All Scrip Alternative implies an Offer price of $1.35 per SRG security (based on Transurban’s closing security price on 12 December 2006 of $7.69). The Cash Pool Alternative implies an Offer price of $1.32 per SRG security.
The All Scrip Alternative values SRG equity at $1.26 billion and represents a premium of 24.9% to the SRG Volume Weighted Average Price (“VWAP”) from listing on 31 July 2006 to 12 December 2006 of $1.08.
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)