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Eclipx Group Advises on Merger with McMillan Shakespeare

08 Nov 2018  |  12:49:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: McMillan Shakespeare and Eclipx merger

Eclipx Group and McMillan Shakespeare announced that the companies propose to merge in a Scheme Implementation Agreement ("Combined Group"). The proposed transaction, which is subject to conditions, will be implemented by MMS acquiring all shares in Eclipx under an Eclipx Scheme of Arrangement. Under the terms of the Merger, Eclipx shareholders will receive 0.1414 MMS shares plus 46cents cash for each Eclipx share held. The CEO and MD of the Combined Group will be MMS Mike Salisbury and MMS Mark Blackburn will be CFO. The Merger is recommended by the Board of Eclipx, in the absence of a superior proposal and subject to an independent experts concluding that the Merger is in the best interests. The Combined Group is anticipated to realise an estimated $50M in EBITDA run-rate synergies pa.

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