DOW 0.88% $5.76 downer edi limited

March 21 (Reuters) - Downer Edi Ltd (DOW) Downer equity raising...

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    March 21 (Reuters) - Downer Edi Ltd (DOW)

    • Downer equity raising to support takeover for Spotless
    • Offer to acquire all of the issued share capital of Spotless not already owned by Downer by way of an offmarket takeover
    • Offer for all cash consideration of $1.15 per share
    • Downer has an interest equivalent to 19.99% in the issued share capital of Spotless
    • Deal EPS accretive on a pro forma FY17 NPAT before amortisation basis
    • "Combination of the two businesses is expected to deliver pre-tax cost synergies of approximately $20-$40 million per annum over time"
    • "Board believes that this is an attractive offer to Spotless shareholders"
    • No reduction to the FY17 earnings guidance provided by Spotless in February 2017 of net profit after tax (pre-exceptional items) of $80-$90 million
    • Takeover offer will be funded through combination of proceeds from entitlement offer and committed debt facilities
    • Entitlement offer is expected to raise approximately $1,011 million.
    • Announces entitlement offer comprises a fully underwritten 2 for 5 accelerated pro rata renounceable entitlement offer
 
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Last
$5.76
Change
0.050(0.88%)
Mkt cap ! $3.626B
Open High Low Value Volume
$5.75 $5.81 $5.69 $4.241M 737.5K

Buyers (Bids)

No. Vol. Price($)
2 11134 $5.73
 

Sellers (Offers)

Price($) Vol. No.
$5.76 9983 4
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