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Company News Summary

McMillan Shakespeare Advises on Merger with Eclipx Group

08 Nov 2018  |  12:54:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: McMillan Shakespeare and Eclipx merger

McMillan Shakespeare (MMS) announced that it has agreed to merge with Eclipx Group (Eclipx). 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 46 cents cash for each Eclipx share held, implying a total value of $2.85 per Eclipx share. The merger is unanimously recommended by the Board of Eclipx, in the absence of a superior proposal and subject to an independent expert concluding that the merger is in the best interests. The Company advised that Mike Salisbury and Mark Blackburn to continue as CEO and CFO respectively. The scheme is expected to be implemented in Q1 of 2019.

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