Thursday, 19 February 2015

A can of worms - part 5

Quelle surprise! Ball Corporation and Rexam have just announced a £4.3 billion recommend takeover offer. Here are the details from their announcement:



The Boards of Ball Corporation ("Ball") and Rexam PLC ("Rexam") are pleased to announce that they have reached agreement on the terms of a recommended offer for the entire issued and to be issued ordinary share capital of Rexam by Ball UK Acquisition Limited ("Bidco"), a wholly-owned subsidiary of Ball (the "Offer"). The Offer is to be effected by means of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act (the "Scheme").
·     Under the terms of the Offer, Rexam Ordinary Shareholders will be entitled to receive:
for each Rexam Ordinary Share held
407 pence in cash

and

0.04568 of a New Ball Share

I guess I can't claim yesterday's early evening tale as a clean scoop as hacks at the venerable Wall Street Journal pumped out a story a few minutes before I could get my act together. Still, at least I was close...

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