LONDON (dpa-AFX) - Associated British Foods Plc (ASBFY.PK, ABF.L) Tuesday said it has agreed to acquire National Milk Records plc or NMR for 215 pence per share in cash. The acquisition values NMR at approximately 48.0 million pounds.
The companies have reached agreement on the terms of a recommended cash acquisition. Under the deal, an indirect agri-food business unit, AB Agri Limited, will buy entire issued and to be issued ordinary share capital of NMR through a Court-sanctioned scheme of arrangement.
The acquisition represents a premium of approximately 87 percent to the closing price of an NMR Share of 115.0 pence on June 5, being the last practicable date. It also represents a premium of 94.6 percent to the volume weighted average share price of an NMR Share of 110.5 pence for the three month period ended on the last practicable date.
The NMR Directors intend to recommend unanimously that NMR Shareholders vote or procure votes in favour of the Scheme at the Court Meeting and the Resolutions to be proposed at the General Meeting.
The acquisition is currently expected to become effective during the third quarter, subject to the satisfaction or waiver of the conditions and certain further terms.
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