NRW Holdings Limited (ASX:NWH) to acquire Primero for $100m

Company News

by Rachael Jones

NRW Holdings Limited (ASX:NWH) and Primero Group Limited (ASX:PGX) have entered into a Bid Implementation Agreement for a takeover offer for NRW to acquire all of the fully paid ordinary shares on issue in Primero.

NRW will offer 27.5¢ a share in cash plus 0.106 NRW shares for each Primero share.

The offer values Primero at around $100 million, or 55 cents a share - a 14.6 per cent premium to its last closing price.

Experienced Primero management team, lead by Cameron Henry is to remain with the business under NRW ownership.

NRW will offer $10 million in interim funding to meet its working capital needs during the offer period.

Shares in NRW Holdings Limited (ASX:NWH) last traded at $2.59.