Greencross Likely to be Snapped up by Private Equity
In the absence of a superior proposal, we recommend Greencross Limited shareholders vote in favour of the scheme of arrangement for the acquisition by Vermont Australia. The AUD 5.55 offer represents a significant premium to the prevailing pre-offer share price, and we believe a higher offer from another suitor is unlikely. Our AUD 5.55 fair value estimate for the no-moat firm is unchanged. Given Greencross directors unanimously recommend shareholders vote in favour, we expect the takeover to pr...Greencross is a pet care company providing veterinary services. Co. provides a network of retail stores, veterinary clinics, grooming salons and dog-wash facilities across Australia and New Zealand. As of June 30 2016, Co. had over 220 stores operating under the brands Petbarn and City Farmers and over 150 clinics including general practices, specialty and emergency centres. Co. also provides a range of additional pet care services such as crematoria, pet adoption, puppy behavioral training, pet insurance and pet hotels. In addition to selling pet food and accessories via its store and clinic network, Co. also has an online business serving the Australian and New Zealand pet care market.
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