AP Eagers extends $73m offer for Adtrans

AP Eagers extends $73m offer for Adtrans

Motor vehicle retailer AP Eagers (ASX:APE) has extended its $72.6 million takeover offer for rival Adtrans Group (ASX:ADG) after revealing it has already secured 75% of the company.

AP Eagers said it had received acceptances totalling around 18.9 million Adtrans shares, which combined with its existing holding takes the total to a three quarter share.

The company has extended its offer to October 29, and said it was confident of receiving the minimum 90% acceptances required for the bid.

The offer is for $4 cash for each Adtrans share or $2 cash and four APE shares for every 25 Adtrans shares.

APE and ADG shares are today both unchanged, with APE at $13.100, and ADG at $3.950.

Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.

Join the newsletter!


Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags Mergers and acquisitionsAP EagersASX:ADGAdtransASX:APE

Show Comments