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BRIEF-AMA Group Says Blackstone Advised Funds To Buy Its Vehicle Panel Repair Business

Published 13/04/2018, 02:01 pm
© Reuters. BRIEF-AMA Group Says Blackstone Advised Funds To Buy Its Vehicle Panel Repair Business
AMA
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April 13 (Reuters) - AMA Group Ltd AMA.AX :

* WILL DEMERGE ACAD BUSINESS INTO NEW CO TO BE LISTED ON THE AUSTRALIAN SECURITIES EXCHANGE

* TO DEMERGE AUTOMOTIVE COMPONENT AND ENTER A$508 MILLION TRANSACTION WITH BLACKSTONE FOR VEHICLE PANEL REPAIR BUSINESS

* BLACKSTONE AGREES TO ACQUIRE VEHICLE PANEL REPAIR BUSINESS

* CO'S SHAREHOLDERS AT TIME OF DEMERGER TO RECEIVE 1 SHARE IN NEW ACAD BUSINESS CO FOR EACH SHARE THEY OWN IN AMA GROUP

* BOARD UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE IN FAVOUR OF PROPOSED DEMERGER

* BOARD EXPECTS THAT AT TIME OF DEMERGER, ACAD BUSINESS TO HAVE INITIAL VALUE PER SHARE IN THE RANGE OF 32 CENTS TO 36 CENTS

* TOTAL ENTERPRISE VALUE ASSUMES DEFERRED ACQUISITION CONSIDERATION AND NET DEBT FOR AMA GROUP OF $72 MILLION

* UNDER BLACKSTONE PROPOSAL, CO'S SHAREHOLDERS TO HAVE SHARES IN REMAINING AMA GROUP BOUGHT BY BLACKSTONE ADVISED FUNDS FOR 86 CENTS/SHARE

* SHAREHOLDERS TO BE GIVEN OPTION TO RECEIVE ALL CASH CONSIDERATION 86 CENTS/SHARE OR COMBINATION OF CASH & SHARES IN QUEEN TOPCO PTY LTD

* QUEEN TOPCO PTY IS NEWLY INCORPORATED UNLISTED CO FORMED BY BLACKSTONE ADVISED FUNDS TO UNDERTAKE PURCHASE OF AMA GROUP

* ALL FIGURES IN A$

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