Greencross updates on consortium proposal

Company News

Greencross Limited (ASX:GXL) says it expects a substantial shareholder notice to be lodged today by TPG Capital, The Carlyle Group and interests associated with Jeff David.
 
The consortium provided a conditional, non-binding proposal over the weekend to acquire all the shares they don’t already own in Greencross at a price of $6.75 per share. 
 
The board of Greencross still maintains that the offer fundamentally undervalues the company and it has declined to engage with the consortium. 
 
Shareholders have been advised to take no action.
 
Greencross reported a net profit of $22.14 million at 30 June 2015.