Recommended cash offer

Summary and highlights

  • The boards of Bidco and Brammer are pleased to announce that they have reached agreement on the terms of a recommended all cash offer for the entire issued and to be issued ordinary share capital of Brammer by Bidco (the “Offer”).
  • Under the terms of the Offer, each Brammer Shareholder will be entitled to receive:

For each Brammer Share held 165 pence in cash

  • The Offer values the entire issued and to be issued ordinary share capital of Brammer at approximately £221.5 million on a fully diluted basis, and represents:
    • a premium of approximately 69.2 per cent. to the Closing Price per Brammer Share of 97.5 pence on 22 November 2016 (being the latest practicable date prior to this Announcement); and
    • a premium of approximately 80.3 per cent. to the volume weighted average price of 91.5 pence per Brammer Share for the period between the Brammer trading update on 7 October 2016 and 22 November 2016 (being the latest practicable date prior to this Announcement).

Announcement of recommended cash offer