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- Aviation company PTB Group (PTB) is set to be acquired by PAG Holding Corp, after the two companies entered a scheme implementation deed for PAG to acquire all of PAB’s shares
- The SID is subject to shareholder approval, and if granted, would see shareholders receive $1.595 per share held – a 40.5 per cent increase to the last closing price on August 17
- The consideration represents a total equity value of $202.9 million for PTB Group
- In addition, PTB is expecting to pay a dividend of up to 0.03 cents per share, fully franked, if the cash balance remains over $2.75 million following payment of the dividend
- Shareholders are set to vote on the decision, with the board unanimously recommending the takeover
- PTB shares have ended the day up 36.5 per cent to close at $1.57 each
PTB Group (PTB) is set to be acquired by PAG Holding Corp, after the company entered into a scheme implementation deed (SID), for PAG to acquire all of PAB’s shares.
Subject to shareholder approval, PTB shareholders will receive $1.595 for each share in cash – a 40.5 per cent premium to the last closing price on August 17.
The scheme consideration represents a total transaction equity value for PTB Group of $202.9 million and preliminary unaudited EBITDAFX of $21.8 million.
An addition, PTB is expecting to pay a dividend of up to 0.03 cents for each share, fully franked, if it can keep cash balance over $2.75 million after payment of the dividend.
The aviation parts company said it chose to enter the SID with PAG after completing a strategic review this year, and the PTB board unanimously recommends shareholders vote in favour of the scheme – saying its in their best interest.
PTB’s Managing Director and CEO, Stephen Smith said “we are proud of what the PTB
team has created, and the proposed transaction is an endorsement of the quality of our
company and the exceptional people that built PTB over a number of years.
“It also reflects the recent strong trading performance and PTB’s growth prospects. We are pleased to be entering into a binding transaction with PAG today and believe it is in the best interests of our shareholders.”
President and CEO of PAG, David Mast said “We are excited about adding PTB to the
Precision Aviation Group of Companies.
“The addition of PTB increases PAG’s repair stations to 20 worldwide and expands our Engine Services Division with the addition of the PT6 and TPE331.”
PTB shares were up 36.5 per cent, trading at $1.57 at market close.
