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EROS - Eros International News Story

$2.65 -0.0  -0.7%

Last Trade - 14/08/20

Sector
Consumer Cyclicals
Size
Small Cap
Market Cap £300.5m
Enterprise Value £479.3m
Revenue £119.0m
Position in Universe 3165th / 6381

BRIEF-Eros International And STX Entertainment To Combine

Fri 17th April, 2020 8:28pm
April 17 (Reuters) - Eros International PLC  EROS.N :
    * EROS INTERNATIONAL AND STX ENTERTAINMENT TO COMBINE,
CREATING A
GLOBAL ENTERTAINMENT CONTENT, DIGITAL MEDIA & OTT POWERHOUSE
    * EROS INTERNATIONAL PLC - STOCK-FOR-STOCK, MERGER-OF-EQUALS
TRANSACTION
    * EROS INTERNATIONAL PLC - COMBINED COMPANY TO UTILIZE EROS
INTERNATIONAL'S EXISTING DUAL-CLASS SHARE STRUCTURE
    * EROS INTERNATIONAL - EROS B ORDINARY SHARES WHICH WILL
CONTINUE
TO BE OWNED BY EROS INTERNATIONAL FOUNDER GROUP WILL RETAIN
THEIR 10:1 VOTING RIGHTS
    * EROS INTERNATIONAL PLC - EROS A ORDINARY SHARES WILL CARRY
ONE
VOTE PER SHARE
    * EROS - NEWLY CONSTITUTED MANAGEMENT TEAM LED BY KISHORE
LULLA AS
EXECUTIVE CO-CHAIRMAN, ROBERT SIMONDS AS CO-CHAIRMAN & CEO
    * EROS INTERNATIONAL PLC - STX ENTERTAINMENT SHARES WILL BE
CONVERTED INTO CONTRACTUAL CONTINGENT VALUE RIGHTS
    * EROS INTERNATIONAL PLC - CONTINGENT VALUE RIGHTS WILL BE
SETTLED
FOR EROS A ORDINARY SHARES APPROXIMATELY 75 DAYS AFTER EFFECTIVE
TIME OF MERGER
    * EROS - NEWLY CONSTITUTED MANAGEMENT TEAM LED BY ANDREW
WARREN AS
CFO, RISHIKA LULLA SINGH AND NOAH FOGELSON AS CO-PRESIDENTS
    * EROS INTERNATIONAL PLC - COMBINED COMPANY TO BE NAMED EROS
STX
GLOBAL CORPORATION AND WILL TRADE PUBLICLY ON NYSE
    * EROS INTERNATIONAL  - STX ENTERTAINMENT SHARES WILL
CONVERT SUCH
THAT EXISTING EROS SHAREHOLDERS WILL OWN ABOUT 50% OF COMBINED
COMPANY
    * EROS INTERNATIONAL - $125 MILLION OF INCREMENTAL EQUITY
WILL BE
CONTRIBUTED TO COMBINED CO BY NEW EQUITY INVESTORS, EXISTING STX
ENTERTAINMENT INVESTORS
    * EROS - COMBINED CO WILL BE DOMICILED IN ISLE OF MAN, AND
HEADQUARTERED IN BOTH MUMBAI, MAHARASHTRA, INDIA AND BURBANK,
CALIFORNIA, USA
    * EROS INTERNATIONAL PLC - COMBINED COMPANY IS EXPECTED TO
GENERATE APPROXIMATELY $50 MILLION IN RUN-RATE OPERATING
SYNERGIES WITHIN 24 MONTHS OF CLOSING
    * EROS INTERNATIONAL PLC - INITIAL BOARD OF DIRECTORS OF
COMBINED
CO WILL INCLUDE 9 BOARD MEMBERS

Source text for Eikon:  ID:nBw48d3BLa 
Further company coverage:  EROS.N 

 ((Reuters.Briefs@thomsonreuters.com;))
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