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Coca-Cola European Partners plc Announces Update re Coca-Cola Amatil acquisition
UXBRIDGE, ENGLAND / ACCESSWIRE / November 3, 2020 / Coca-Cola European Partners (NYSE:CCEP)(LSE:CCEP) today announces it has entered into binding agreements
About this update from Coca-cola Europacific Partners Plc
[{"type":"text","content":"UXBRIDGE, ENGLAND / ACCESSWIRE / November 3, 2020 / Coca-Cola European Partners (NYSE:CCEP)(LSE:CCEP) today announces it has entered into binding agreements to acquire Coca-Cola Amatil Limited (CCL), including by way of a Board recommended scheme of arrangementScheme Implementation Deed (\"SID\") with CCLFurther to the announcement on 25 October 2020, CCEP today announces that it has completed its confirmatory due diligence and entered into a binding Scheme Implementation Deed (\"SID\") with CCL. Under the terms of the SID, CCEP will offer to acquire 69.2% of the entire existing issued share capital of CCL, which is held by shareholders other than The Coca-Cola Company (\"Independent Shareholders\") for $12.75 per share in cash, pursuant to a scheme of arrangement (\"Scheme\") (further details at https://www2.asx.com.au/markets/trade-our-cash-market/announcements.ccl)The Board of Directors of CCL (excluding The Coca-Cola Company's (KO) nominee directors) have reaffirmed that they intend to unanimously recommend the Scheme to Independent Shareholders, in the absence of a superior proposal and subject to an independent expert concluding, and continuing to conclude, that the Scheme is fair and reasonable and in the best interests of Independent ShareholdersThe Scheme is subject to customary conditions, including CCL shareholder approval, court approval, no material adverse change, no prescribed occurrences, Australian Foreign Investment Review Board approval and New Zealand Overseas Investment Office approvalCo-operation and Sale Deed with KOCCEP has also entered into a Co-operation and Sale Deed with KO with respect to the acquisition of KO's 30.8% interest in CCL, conditional upon the implementation of the Scheme with CCLUnder the Co-operation and Sale Deed, KO will be entitled to receive A$9.57 per share in cash for part of their shareholding, which comprises 10.8% of CCL's shares. CCEP will acquire all of KO's remaining 20% shareholding in CCL for A$10.75 per share, either in cash or a combination of cash and the issue of CCEP shares at an agreed conversion ratio(further details at https://www2.asx.com.au/markets/trade-our-cash-market/announcements.ccl)Compelling strategic rationale: creating a platform for accelerated growth & returns led by CCEP's proven, experienced management team with a strong track recordBrings together t...