Promina board favourably disposed to Suncorp offer
Promina Group Limited has confirmed that it is in receipt of a takeover offer from Suncorp, with its board of directors being favourably disposed to the offer.
In an explanation issued to the Australian Stock Exchange today, Promina said that it had received a proposal from Suncorp to acquire all of the ordinary shares in the company.
It said the proposal offered 0.2618 Suncorp shares and $1.80 per Promina share, conditional upon the offer being implemented via a Promina board-recommended scheme of arrangement.
Promina said its board of directors had indicated to Suncorp that it was favourably disposed to the proposal and was further evaluating the overall transaction.
It said the evaluation process would include undertaking appropriate due diligence.
AUTHOR
Mike Taylor
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