Automotive Holdings Likely to Be Taken Over by AP Eagers, FVE Adjusted to Implied Offer Price
We are becoming increasingly confident in the likelihood of a merger between AP Eagers and Automotive Holdings. The implied takeover premium for Automotive Holdings shareholders has increased to over 30%, compared with 8% premium on the AUD 1.78 per share closing price on the day prior to the announcement of the merger. The deal would see Automotive shareholders receive one AP Eagers share for every 3.8 Automotive shares. Our AUD 9.00 per share AP Eagers fair value estimate implies a value of AU...Automotive Holdings Group is an automotive retailing group in Australasia. Co. has two logistics divisions: Automotive, which operates passenger vehicle and truck and bus dealerships in Queensland, New South Wales, Victoria and Western Australia, and passenger vehicle dealerships in Auckland, New Zealand and Refrigerated Logistics, which provides cold storage and transport operations in every Australian mainland state through Rand, Harris, Scott's Refrigerated Freightways and JAT Refrigerated Road Services. As of June 30, 2016, Co.'s automotive segment had 188 motor vehicle franchises at 108 dealership locations operating within Australia and New Zealand.
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