Brief: Eros International And STX Entertainment To Combine
17/04/2020 20:28
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;))