(Adds Greencross support for deal, comments)
Nov 5 (Reuters) - Australian veterinary clinics operator Greencross Ltd (GXL) on Monday recommended a A$5.55 a share takeover offer from U.S. private equity firm TPG Capital, valuing the company's equity at A$668.6 million ($481.4 million).
Greencross chairman Stuart James said the board believed the offer, pitched at a 22 percent premium to the last close of A$4.54, was compelling and would realise attractive value for shareholders.
Shareholders are expected to vote on the scheme in the first quarter of 2019, the company said in a statement. If approved it would be implemented in the first half of the year.
"Under private ownership the Greencross business, brands and products will continue to grow and provide world-class services to the increasing number of pet lovers in Australia and New Zealand," TPG's Australia and New Zealand arm head Joel Thickins said in a joint statement.
Greencross said the offer value was subject to reductions in proportion to declaration of any dividends.
The company may pay a fully-franked permitted dividend of up to A$0.21 per share on or shortly before the date of implementation of the scheme, it added.
($1 = 1.3887 Australian dollars)
