Brief: Japan's Outsourcing Inc agrees to buy Ireland's CPL Resources

Outsourcing

04/11/2020 07:39

Nov 4 (Reuters) - CPL Resources PLC  DQ5.I :
    * OUTSOURCING INC. AND CPL RESOURCES PLC HAVE REACHED
AGREEMENT ON
THE TERMS OF A CASH OFFER; UNANIMOUSLY RECOMMENDED BY THE BOARD
OF CPL
    * ACQUISITION VALUES ENTIRE ISSUED AND TO BE ISSUED ORDINARY
SHARE
CAPITAL OF CPL AT APPROXIMATELY EUR 317.8 MILLION
    * WHOLLY OWNED SUBSIDIARY OF OUTSOURCING WILL ACQUIRE ENTIRE
ISSUED AND TO BE ISSUED SHARE CAPITAL OF CPL
    * UNDER TERMS OF ACQUISITION CPL SHAREHOLDERS WILL BE
ENTITLED TO
RECEIVE EUR 11.25 IN CASH FOR EACH CPL ORDINARY SHARE 
    * ACQUISITION REPRESENTS A PREMIUM OF APPROXIMATELY 36.4% TO
CPL'S
CLOSING PRICE OF €8.25 ON 3 NOVEMBER 2020
    * HARUHIKO DOI, CHAIRMAN AND CEO OF OUTSOURCING, SAYS CPL
SHAREHOLDERS HAVE PROVIDED IRREVOCABLE COMMITMENTS TO VOTE IN
FAVOUR OF THE ACQUISITION.
    * ACQUISITION CONDITIONAL ON APPROVAL BY CPL SHAREHOLDERS OF
THE
SCHEME MEETING RESOLUTION AND THE EGM RESOLUTIONS; SANCTION OF
THE SCHEME BY THE HIGH COURT; RECEIPT OF REQUIRED REGULATORY AND
OTHER NECESSARY APPROVALS 

Source text for Eikon:
 ID:urn:newsml:newsroom:20201104:nRSD2121Ea:0 
Further company coverage:  DQ5.I   2427.T 

 (Reporting By Conor Humphries)
 ((conor.humphries@thomsonreuters.com;))