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.

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Tags Mergers and acquisitionsAP EagersASX:ADGAdtransASX:APE

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