WASHINGTON (dpa-AFX) - OzForex Group Limited (OFX.AX) said that its board has evaluated the preliminary, non-binding, indicative conditional proposal by The Western Union Co. (WU) to acquire 100% of the shares of OzForex via scheme of arrangement.
The Board of Ozforex, together with its advisers, has concluded that it is in the interests of its shareholders to engage further with Western Union on an exclusive basis to progress the proposal.
The Indicative Proposal remains subject to a number of conditions, including Western Union completing due diligence and the parties entering into a definitive implementation agreement.
OzForex has agreed that during the exclusive due diligence period it will not solicit, negotiate or enter into agreements with, or provide access to non-public information to, third parties in connection with any competing proposal. The Board of OzForex is not restricted from considering competing offers, where failure to do so would be reasonably likely to constitute a breach of fiduciary or statutory duties by the OzForex Directors.
The Board re-iterates that there is no certainty that the Indicative Proposal will result in a binding offer for the shares of OzForex, what the terms of any such offer would be, or whether there will be a recommendation by the Board.
Last week, OzForex confirmed that it received a preliminary, non-binding, indicative conditional proposal to acquire 100% of the shares of OzForex via a scheme of arrangement from The Western Union Company. The Indicative Proposal contemplates an all cash consideration of between A$3.50 to A$3.70 per OzForex share.
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