SMS receives binding purchase offer for shares

Company News

by Roma Christian

SMS Management & Technology Limited (SMS) (ASX:SMX) has received a binding offer from ASG Group Limited to enter into an agreement for 100 percent of the shares in SMS, at $1.80 in cash per share.

SMS says the offer is unconditional and irrevocable, confirming due diligence has been completed, internal approvals obtained, and no approval is needed from the Foreign Investment Review Board.

The business and IT advisory company says ASG’s offer gives it discretion to pay a fully-franked special dividend, of a maximum of 10.2 cents per share, which would reduce the cash offer per share.

The SMS Board is considering the terms of the ASG Offer, and deciding if it is a Superior Proposal, after which a further ASX announcement will be made.

Shares in SMS Management & Technology Limited (ASX:SMX) are trading 1.68 per cent higher to $1.82.