Automotive Holdings Group (ASX:AHG) are pleased to announce that AP Eagers has today agreed to vary its all-scrip offer to acquire the ordinary shares in AHG it does not already own by increasing the consideration offered from 1 AP Eagers Share for every 3.8 Automotive Holdings Shares to 1 APE Share for every 3.6 AHG Shares.
Assuming AHG and AP Eagers are fully combined, the merged group is expected to have a pro forma market capitalisation of approximately $2.3 billion, and existing AHG shareholders and AP Eagers shareholders would own 25.5 per cent and 74.5 per cent of the merged group respectively.
AP Eagers will waive the general market fall bid condition and undertakes to waive the no material adverse change bid condition once a merger authorisation from the ACCC comes into force.
Shares in Automotive Holdings Group (ASX:AHG) closed 1.24 per cent lower at $2.40 yesterday.
Shares in A.P. Eagers (ASX:APE) closed 0.55 per cent higher at $9.08 yesterday.