Raising FVE of No-Moat Tox Free Solutions to AUD 3.50 Based on Value of Cash Offer
We raise our fair value estimate to AUD 3.50 to reflect the AUD 3.45 per share all-cash offer from Cleanaway Waste Management, plus the AUD 5 cent fully franked dividend payable March 16. Tox will also pay an unspecified special dividend prior to transaction close some time in May, with the offer price reduced by a corresponding amount. We believe this dividend is designed to distribute accumulated franking credits, which we estimate to be around AUD 37 million at the time of transaction close. ...
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