Engenco Limited (ASX:EGN) Responds to Elph Investments Takeover Offer
Takeover Offer
Elph Investments Pty Ltd, part of the Elphinstone Group, has made an off-market takeover offer of $0.305 cash per Engenco share. The Elphinstone Group currently holds approximately 68.53% of Engenco’s shares.
Company’s Response
Engenco advises shareholders to take no action regarding the offer until further information is provided. The company will prepare a Target’s Statement addressing the offer.
Independent Review
An Independent Board Committee has been established to respond to the offer and has appointed Baker McKenzie as legal adviser. The Target’s Statement will include recommendations from independent directors and an Independent Expert’s Report on the offer’s fairness.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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