Brief: Programmed Maintenance Services recommends acquisition proposal from PERSOL

Persol Holdings

14/07/2017 24:54

July 14 (Reuters) - Programmed Maintenance Services Ltd 
 PRG.AX  
    * board recommends acquisition proposal from PERSOL 
    * PERSOL proposes to acquire 100% of issued share capital of 
programmed for a cash price of $3.02 (offer price) per share 
    * Programmed maintenance services ltd - cash consideration 
of $3.02 cash per share will be reduced by amount of any such 
special dividend. 
    * deal will have no impact on programmed's operations, 
customers and employees. 
    * directors unanimously recommend scheme, in absence of a 
superior proposal 
    * Offer price of $3.02 represents an enterprise value of 
$992 million 
    * PERSOL and co agreed that co's dividend reinvestment plan 
will be suspended in respect of fy17 final dividend of 3.5 cents 
    * Under proposal, programmed may declare and pay a 
fully-franked special dividend 
 
Source text for Eikon:  ID:nASX6k9N5T  
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