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- Healthy fast-food retailer Oliver’s Real Food (ASX:OLI) has entered a Scheme Implementation Deed with EG Group, just hours after the purchase offer was announced
- This morning, Oliver said it received a proposal from British retailer EG Group to purchase the company
- Oliver’s board of directors have unanimously recommended that shareholders vote in favour of the Scheme
- If the Scheme is implemented, Oliver’s shareholders will receive 10¢ cash per share
- On market close, Oliver’s is up 49.2 per cent and is selling shares for 9.7¢ apiece
Healthy fast-food retailer, Oliver’s Real Food (ASX:OLI) has already entered into a Scheme Implementation Deed with EG Group, just hours after the purchase offer was announced.
Just this morning, Oliver announced it received a proposal from British retailer, EG Group to purchase the company.
If the Scheme is implemented, Oliver’s shareholders will receive 10¢ cash per share.
Oliver’s board of directors have unanimously recommended that shareholders vote in favour of the Scheme. Each director intends to vote in favour of the scheme.
Chairman Nicholas Dower says the board has reached unanimous recommendation after extensive discussions and negotiations with EG Group. He and his team believe that the deal is in the best interest for everybody.
“EG Group’s proposal represents a significant premium to Oliver’s recent trading levels and represents an attractive value outcome for shareholders,” he said.
EG Groups Australia CEO Mike McMenamin says Oliver has developed a strong following in Australia and has been very well received by its customers in trials at a number of stores.
“This acquisition presents a great opportunity for us to enter the Australian restaurant market and the potential to enhance our convenience offer across our
500+ store network,” he told the market
“We look forward to Oliver’s team joining the EG Australia family,” he told the market,” he added.
The implementation scheme is subject to a number of terms and conditions, which includes Oliver’s shareholder and Court approval.
On market close, Oliver’s is up 49.2 per cent and is selling shares for 9.7¢ apiece.
