Brief: Franchise Group Inc Reports Definitive Agreement To Be Acquired By A Consortium Led By Management Group

Franchise

10/05/2023 12:26

May 10 (Reuters) - Franchise Group Inc  FRG.O :
    * FRANCHISE GROUP, INC. ANNOUNCES DEFINITIVE AGREEMENT TO BE
ACQUIRED BY A CONSORTIUM LED BY MANAGEMENT GROUP
    * FRANCHISE GROUP INC - FRANCHISE GROUP COMMON STOCKHOLDERS
TO
RECEIVE $30.00 PER SHARE IN CASH
    * FRANCHISE GROUP INC - PROPOSED DEAL FOR ENTERPRISE VALUE
OF
APPROXIMATELY $2.6 BILLION
    * FRANCHISE GROUP INC - TRANSACTION INCLUDES A 30 DAY GO
SHOP
PROVISION TO SOLICIT SUPERIOR PROPOSALS
    * FRANCHISE GROUP INC - UPON COMPLETION OF PROPOSED MERGER,
FRANCHISE GROUP WILL BECOME A PRIVATE COMPANY
    * FRANCHISE GROUP INC - FRANCHISE GROUP'S MANAGEMENT TEAM,
INCLUDING BRIAN KAHN, IS EXPECTED TO CONTINUE TO LEAD COMPANY
    * FRANCHISE GROUP- MEMBERS OF SENIOR MANAGEMENT TEAM,
CONSORTIUM
TO BUY ABOUT 64% OF CO'S STOCK THAT MANAGEMENT GROUP DOES NOT
OWN
    * FRANCHISE GROUP- CONSORTIUM GOT DEFINITIVE FINANCING
COMMITMENTS
FROM THIRD PARTY LENDERS,INSTITUTIONAL INVESTORS,TO FINANCE
PORTION OF PURCHASE PRICE

Source text for Eikon:  ID:nGNX5sDjxw 
Further company coverage:  FRG.O 

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