Brief: Symbio Receives Acquisition Proposal From Superloop

Symbio Holdings

01/08/2023 07:45

Aug 1 (Reuters) - Superloop Ltd  SLC.AX :
    * RECEIVES ACQUISITION PROPOSAL FROM SUPERLOOP LIMITED
    * RECEIVED A NON- BINDING INDICATIVE PROPOSAL FROM SUPERLOOP
LIMITED TO ACQUIRE ALL OF SHARES IN SYMBIO VIA SCHEME OF
ARRANGEMENT
    * UNDER TERMS OF INDICATIVE PROPOSAL, SYMBIO SHAREHOLDERS
WOULD
RECEIVE A$1.425 CASH AND 2.14 SUPERLOOP SHARES FOR EACH SYMBIO
SHARE
    * INDICATIVE PROPOSAL CONTEMPLATE A FULLY FRANKED DIVIDEND
TO
SYMBIO SHAREHOLDERS PRIOR TO SCHEME IMPLEMENTATION OF UP TO
A$0.35 PER SHARE
    * INDICATIVE PROPOSAL VALUES SYMBIO AT A$2.85 PER SHARE
    * BOARD HAVE UNDERTAKEN A REVIEW OF INDICATIVE PROPOSAL AND
HAVE
ENTERED INTO NON-DISCLOSURE AND EXCLUSIVITY AGREEMENTS WITH
SUPERLOOP
    * A 4 WEEK PERIOD OF RECIPROCAL EXCLUSIVITY COMMENCING ON 1
AUG
AGREED TO FURTHER PROGRESS INDICATIVE PROPOSAL
    * BELIEVES THERE IS SUFFICIENT COMMERCIAL MERIT IN
INDICATIVE
PROPOSAL TO ENTER INTO EXCLUSIVE PERIOD FOR MUTUAL DILIGENCE
    * NO CERTAINTY AT THIS STAGE INDICATIVE PROPOSAL WILL
PROGRESS TO
A PROPOSAL TO BE CONSIDERED BY CO'S SHAREHOLDERS

Source text for Eikon:  ID:nASX8sxRmg 
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