Business
Recommended Cash Acquisition of NMR plc
Recommended Cash Acquisition of NMR plc.
About this update from Associated British Foods Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION NO 596/2014 (INCORPORATED INTO UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 AS AMENDED BY VIRTUE OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\nFOR IMMEDIATE RELEASE\n06 June 2023\nRECOMMENDED CASH ACQUISITION\nof\nNATIONAL MILK RECORDS PLC\nby\nASSOCIATED BRITISH FOODS PLC\nto be implemented by means of a scheme of arrangement\nunder Part 26 of the Companies Act 2006\nSummary\n\n\n\n●\n\n\nThe boards of Associated British Foods plc (\"ABF\") and National Milk Records plc (\"NMR\") are pleased to announce that they have reached agreement on the terms of a recommended cash acquisition to be made by ABF, pursuant to which AB Agri Limited (an indirect wholly-owned subsidiary of ABF) will acquire the entire issued and to be issued ordinary share capital of NMR (the \"Acquisition\"). It is intended that the Offer be implemented by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act (or, if ABF so elects, with the consent of the Panel, a Takeover Offer) between NMR and NMR Shareholders.\n\n\n\n\n\n\n\n\n\n\n\n\n●\n\n\nUnder the terms of the Acquisition, each NMR Shareholder will be entitled to receive:\n\n\n\n \n215 pence in cash per NMR Share\n\n\n\n●\n\n\nThe Acquisition values the entire issued and to be issued ordinary share capital of NMR at approximately £48.0 million on a fully diluted basis.\n\n\n\n\n\n\n\n\n\n\n\n\n●\n\n\nThe Acquisition represents a premium of approximately\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n●\n\n\n87.0% to the Closing Price of an NMR Share of 115.0 pence on 05 June 2023, being the Last Practicable Date;\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n●\n\n\n94.6% to the volume weighted average share price (\"VWAP\") of an NMR Share of 110.5 pence for the three month period ended on the Last Practicable Date; and\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n●\n\n\n85.6% to the VWAP of an NMR Share...