April 19, 2017 / 6:34 AM / 4 months ago

BRIEF-Element Materials Tech agrees to buy Exova

April 19 (Reuters) - Element Materials Tech Group:

* Recommended cash acquisition of Exova Group Plc

* Have reached agreement on terms of a recommended cash acquisition of Exova by element

* Scheme shareholders will be paid a price of 240 pence per share in cash by Element Bidco

* Scheme shareholders as at close of business on May 26, 2017 will be entitled to receive a final dividend of 2.35 pence per Exova share

* Intended dividend payment, scheme shareholders will be entitled to receive: 242.35 pence in cash per Exova share

* Cash value represents premium of 10.7 pct to closing price per exova share of 218.88 pence on March 24, 2017

* Cash value implies an enterprise value multiple of approximately 16.0 times Exova's adjusted EBITA

* Confirms that offer price of 240 pence per share is final and will not be

* Expected that scheme will be effective during Q3 of 2017 Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)

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