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BRIEF-Elis proposes combination with Berendsen to create Pan-European leader in textile
May 18, 2017 / 6:22 AM / 5 months ago

BRIEF-Elis proposes combination with Berendsen to create Pan-European leader in textile

May 18 (Reuters) - ELIS SA:

* ELIS SA PROPOSES A COMBINATION WITH BERENDSEN PLC TO CREATE A STRONG PAN-EUROPEAN LEADER IN TEXTILE AND FACILITY SERVICES

* SIGNIFICANT REVENUE, OPERATING COST AND CAPEX SYNERGIES

* CASH AND SHARE PROPOSAL AT A HIGHLY ATTRACTIVE PREMIUM OF 36% TO BERENDSEN‘S SHARE PRICE

* CASH AND SHARE PROPOSAL AT A HIGHLY ATTRACTIVE PREMIUM OF 49% TO CONSENSUS TARGET PRICE FOR BERENDSEN PUBLISHED BY EQUITY RESEARCH ANALYSTS

* COMBINATION EXPECTED TO LEAD TO DOUBLE DIGIT EARNINGS ACCRETION

* REVISED CASH AND SHARE PROPOSAL THAT ELIS MADE ON 16 MAY 2017 IS TO ACQUIRE EACH BERENDSEN ORDINARY SHARE FOR A COMBINATION OF: £4.40 IN CASH; AND 0.426 NEW ELIS ORDINARY SHARES

* CASH PORTION OF ELIS‘S REVISED PROPOSAL REPRESENTS APPROXIMATELY 51% OF BERENDSEN‘S CLOSING SHARE PRICE ON 17 MAY 2017.

* ELIS‘S REVISED PROPOSAL WOULD PROVIDE BERENDSEN SHAREHOLDERS WITH AN OWNERSHIP STAKE IN COMBINED GROUP OF APPROXIMATELY 35% ON A FULLY DILUTED BASIS Source text for Eikon: Further company coverage:, (Gdynia Newsroom)

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