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BRIEF-Elis and Berendsen reached agreement in principle on recommended possible offer for Berendsen
June 7, 2017 / 5:20 PM / 2 months ago

BRIEF-Elis and Berendsen reached agreement in principle on recommended possible offer for Berendsen

June 7 (Reuters) - ELIS SA:

* ELIS AND BERENDSEN REACHED AGREEMENT IN PRINCIPLE ON KEY TERMS OF POSSIBLE RECOMMENDED OFFER TO BE MADE BY ELIS FOR BERENDSEN

* POSSIBLE OFFER COMPRISES £5.40 IN CASH AND 0.403 NEW ELIS SHARES FOR EACH BERENDSEN SHARE

* TRANSACTION WOULD BE IMPLEMENTED BY MEANS OF SCHEME OF ARRANGEMENT IN RELATION TO ENTIRE ISSUED AND TO BE ISSUED SHARE CAPITAL OF BERENDSEN

* POSSIBLE OFFER CONSISTS OF APPROXIMATELY 43% IN CASH WITH THE REMAINING APPROXIMATELY 57% BEING SATISFIED BY ISSUANCE OF NEW ELIS SHARES

* UNDER POSSIBLE OFFER BERENDSEN SHAREHOLDERS WILL BE ENTITLED TO DIVIDEND OF 11 PENCE PER SHARE

* BOARD OF ELIS FULLY SUPPORTS THE TERMS OF THE POSSIBLE OFFER

* POSSIBLE OFFER VALUES EACH BERENDSEN SHARE AT £12.50 PER SHARE (EXCLUDING INTERIM DIVIDEND), IMPLIES TOTAL EQUITY VALUE FOR BERENDSEN OF ABOUT £2.2 BILLION ON FULLY DILUTED BASIS

* BOARD OF BERENDSEN HAS INDICATED TO ELIS THAT IT EXPECTS TO RECOMMEND UNANIMOUSLY TO ITS SHAREHOLDERS OFFER ON CUSTOMARY TERMS AT THE LEVEL AND COMPOSITION OF THE POSSIBLE OFFER Source text for Eikon: Further company coverage:, (Gdynia Newsroom)

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