Brief: Gibraltar Growth Corp acquires LXR for $82.5 mln

LXRandCo

13/04/2017 20:33

April 13 (Reuters) - Gibraltar Growth Corp  GBGa.TO  
    * Gibraltar Growth Corporation announces the proposed 
acquisition of LXR Produits de luxe international as its 
qualifying acquisition 
    * Gibraltar Growth Corp says acquisition by Gibraltar growth 
of all issued and outstanding shares of LXR for an aggregate 
purchase price of $82.5 million 
    * Gibraltar Growth Corp says as a result of acquisition, LXR 
will become a wholly-owned subsidiary of Gibraltar growth 
    * Gibraltar Growth Corp -  assuming redemption levels of 50 
percent and 100 percent, founders of lxr will own 23 percent and 
35 percent of resulting company, respectively 
    * Gibraltar Growth Corp says following closing of 
acquisition, LXR will continue to be led by its founders Fred 
Mannella and Kei Izawa 
    * Gibraltar Growth - cam di prata, co-ceo and director, will 
assume role of executive chairman, will continue as a director 
of resulting company 
    * Gibraltar Growth Corp -  acquisition will introduce LXR as 
a publicly-listed company 
    * It is expected that up to an additional two independent 
directors will be added following closing 
    * Jeremy Stepak, current cfo, will act as chief financial 
officer of resulting company on an interim basis 
    * Gibraltar Growth Corp - has secured support of over 52% of 
disinterested shareholders for acquisition 
 
Source text for Eikon:  ID:nCNWvKM0ta  
Further company coverage:  GBGa.TO  
 
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