Brief: Ashford Announces Definitive Agreement To Acquire Remington's Project Management Division

Ashford

09/04/2018 14:05

April 9 (Reuters) - Ashford Inc  AINC.A :
    * ASHFORD ANNOUNCES DEFINITIVE AGREEMENT TO ACQUIRE
REMINGTON'S
PROJECT MANAGEMENT DIVISION
    * HELD REMINGTON HOLDINGS, L.P
    * CONSIDERATION IN FORM OF CONVERTIBLE PREFERRED STOCK
CONVERTIBLE
AT $140 PER SHARE
    * TRANSACTION IS EXPECTED TO BE IMMEDIATELY ACCRETIVE TO
ADJUSTED
NET INCOME PER SHARE
    * COMPANY WILL ACQUIRE REMINGTON'S PROJECT MANAGEMENT
BUSINESS FOR
A TOTAL TRANSACTION VALUE OF $203 MILLION
    * BOARD OF DIRECTORS UNANIMOUSLY APPROVED TRANSACTION AND
RECOMMENDED ITS APPROVAL BY COMPANY'S STOCKHOLDERS
    * PURCHASE PRICE WILL BE PAID BY ISSUING VOTING, CONVERTIBLE
PREFERRED STOCK TO SELLERS
    * UPON CLOSING OF TRANSACTION, SELLERS WILL HAVE RIGHT TO
NOMINATE
TWO DIRECTORS TO CO'S BOARD OF DIRECTORS

Source text for Eikon:  ID:nPn9Xb1bxa 
Further company coverage:  AINC.A 

 (Reuters.Briefs@thomsonreuters.com)