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CMM revises bid for ALH - $3.75 |
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25 October 2004 CMM Hotel & Retail Investments Pty Ltd (CMM) today announced a revised proposal to acquire all of the issued ordinary shares in Australian Leisure and Hospitality (ALH) for $3.75 per share. The ALH Board has unanimously recommended that ALH shareholders accept the proposal, in the absence of a more favourable offer. The unconditional proposal represents a significant increase on the previous CMM offer of $3.35 per share, and is a superior offer to Bruandwo’s conditional, three-tiered arrangement, under which the offer price is dependent upon acceptance levels. At Bruandwo’s current level of shareholding in ALH, its offer is $3.15 per share, which is a significant 60 cents lower than the CMM offer of $3.75. CMM’s proposal will continue to be undertaken through an unconditional scheme of arrangement to be put to ALH shareholders. It is proposed that a meeting to approve the scheme be held around mid-January 2005. If the scheme is approved, ALH shareholders will receive a total cash consideration of $3.75 per share approximately two weeks later. Court approval is also required. The additional funding required under the revised CMM proposal (relative to CMM’s original proposal) has been sourced from a $25 million increase in CMM’s senior debt facility and the balance in the form of additional funding contributions, substantially provided by CML. The proposed transaction would continue to see CML acquire leases for 17 prime Queensland hotels and the development rights to 14 Victorian bottleshops. These properties all have outstanding potential for redevelopment into new, large format liquor stores, and therefore offer considerable strategic value in the evolving liquor market. Post the transaction, CML would also have first and last right of refusal over certain retail development opportunities in the existing and future ALH portfolio. The revised proposal – combining the joint venture investment and purchase of strategic assets – remains earnings per share positive for CML in the first full year of operation. For further information, please contact:
Scott Whiffin
Amanda Fischer
Kathryn Hanes
Jenny Kovacs |
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policy ©2004 Macquarie Bank Limited ABN 46 008 583 542 |
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Where we provide any advice on this website, it has been prepared without considering your objectives, financial situation or needs. Before acting on any advice on this website, you should consider its appropriateness to your circumstances and, if a current offer document is available, read the offer document before acquiring products named on this website. Past performance of any product described on this site is not a reliable indication of future performance. Any Macquarie subsidiary noted on this page is
not an authorised deposit-taking institution for the purposes of the Banking
Act (Cwth) 1959. That subsidiary's obligations do not represent deposits
or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL).
MBL does not guarantee or otherwise provide assurance in respect of the
obligations of that subsidiary, unless noted otherwise. |
