Matrix Composites shareholders back $90M takeover
- Matrix Composites & Engineering shareholders voted in favour of a $90 million takeover by UK-based Advanced Innergy Holdings.
- The 40-cents-a-share cash offer represents a 66.7% premium to the company's undisturbed closing price on March 30.
- The acquiring company stated that the transaction is part of its strategy to build a subsea equipment platform and expand its regional manufacturing footprint.
Matrix Composites & Engineering (ASX:MCE) is nearing its exit from the Australian Securities Exchange after 99.8% of votes cast by shareholders supported a $90 million takeover scheme by Advanced Innergy Holdings.
The 40-cents-a-share cash offer contrasts with the company's undisturbed closing price on March 30, representing a 66.7% premium before the non-binding proposal was announced.
"AIH's interest in Matrix reflects the strength of our people, capabilities and performance and comes with an aim to grow the business," said Matrix Composites & Engineering CEO Aaron Begley.
The transaction requires Federal Court approval at a hearing on July 13, with the company slated for removal from the official ASX list on July 24 if conditions are satisfied.
Following the announcement, the Matrix Composites & Engineering share price was unchanged at $0.36.
The manufacturer rejected a previous reverse merger proposal from the same buyer in May last year, noting at the time that the prior offer was not in the best interests of shareholders.
Advanced Innergy stated that the acquisition of the Henderson-based manufacturer will help expand its production capacity for both domestic and international supply.
