Offer For Brumbys

Offer For Brumbys

The Board of Brumby’s advises that the previously foreshadowed offer from the syndicate of CEO and managing director Michael Sherlock director, director Marcus Barlow and company secretary, Steve Brown, has been received.

On 18 December 2006, Brumby’s announced to the market that it had entered into a Merger Implementation Agreement with Retail Food Group Limited (RFG) under which RFG agreed to purchase all Brumby’s shares for $2.685 per share and an additional special fully franked dividend of 10.883 cents per share. Option holders are to receive a cash amount equal to the difference between $2.685 and the option exercise price under the RFG offer.

The offer from the syndicate is to acquire 79.06% of the company held in non-associated shareholder’s hands for $2.80 cash for each BBH share and a fully-franked dividend of 10.883 cents per share. In addition, the entity formed to purchase the shares will offer replacement options to option holders of Brumby’s. The exercise price for these replacement options is proposed to be $1.55 per share.

For more information please see http://img.scoop.co.nz/media/pdfs/0701/070108Brumbys.pdf

ENDS

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