VetPartners is poised to acquire 100 per cent of the issued share capital of National Veterinary Care (ASX:NVL) via a scheme of arrangement.
Under the proposed deal National Veterinary Care shareholders will receive $3.70 per share in cash.
The company’s directors have unanimously recommended that shareholders vote in favour of the takeover, subject to customary qualifications.
National Veterinary Care’s Chair, Susan Forrester says “VetPartners’ proposal represents a significant premium to National Veterinary Care’s current share price, is 100% cash consideration and offers National Veterinary Care shareholders a high degree of certainty. We believe the proposal is consistent with the Board’s efforts to maximise shareholder value”
The transaction is subject to certain conditions which must be satisfied before the Scheme is implemented, including shareholder and Court approval and, potentially, approval from the Australian Foreign Investment Review Board (FIRB).
Shares in National Vetinary Care (ASX:NVL) are trading 53.8 per cent higher at $3.63.