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Merlin Diamonds Ltd Announces Recommended Acquisition of Merlin Diamonds Limited By Innopac Holdings Limited

Wednesday, 30 Jan 2013 07:40pm EST 

Merlin Diamonds Ltd announced that has reached an agreement with Innopac Holdings Limited (Innopac) under which Innopac agrees to make a scrip-for-scrip off-market takeover to acquire all of the shares in Merlin Diamonds (the Transaction). Under the Transaction, Innopac will offer 1.67 Innopac shares for every one Merlin Diamonds share. This equates to AUD 0.28 per Merlin Diamond share (based on SGD 0.2145 per Innopac share which is the weighted average price for trades of Innopac shares done on the SGX-ST Mainboard for 7 consecutive trading days prior to and including January 30, 2013, being the day on which the Takeover Bid Implementation Deed is executed, and at an exchange rate of AUD 1.00 to SGD 1.28) and represents a premium of approximately 36.59% over the closing price of AUD 0.205 on January 30, 2013. The Transaction is unanimously recommended by the directors of Merlin Diamonds, in the absence of a superior proposal. The Takeover Bid Implementation Deed contains: no shop, no talk, notification and matching rights in favour of Innopac; and a break fee payable by each of Innopac and Merlin Diamonds in certain circumstances. 

Company Quote

0.0010 +12.50%
23 Oct 2014