Morningstar | Greencross Shareholders Vote in Favour of Acquisition by Private Equity Firm TPG Capital
As expected Greencross shareholders voted in favour of the scheme of arrangement whereby the company will be acquired by Vermont Australia, a company owned by private equity firm TPG Capital. The company recently received approval from the Foreign Investment Review Board, and the only outstanding requirement is the court approval of the scheme. The hearing is scheduled for Feb. 11, 2019, and assuming the scheme is approved by the court, Greencross shares will be suspended from trading on the Australian Securities Exchange at the close of trading on the same day. In our opinion, this is a pleasing outcome for shareholders, who will receive AUD 5.55 per share, less the AUD 0.19 per share special dividend for the no-moat-rated stock. This price appropriately reflects the quality of the business, largely supporting our positive view on the stock at the previous depressed price levels.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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