Elis and Berendsen Boards Agree on Deal

Posted June 9, 2017 at 2:00 pm

The boards of Elis SA, Saint-Cloud, France, and Berendsen PLC, London, recently announced that they have reached agreement in principle on the key terms of a possible recommended offer made by Elis to buy Berendsen, according to a news release.

The transaction would be implemented by an arrangement in relation to the entire issued and to be issued share capital of Berendsen, the release said. The board of Berendsen expects to recommend this transaction unanimously. The possible offer comprises £5.40 in cash and 0.403 new Elis shares for each Berendsen share, the release said.

Based on the closing price of Elis’ shares of €20.17 on June 6, the last day prior to the date of this announcement, and a GBP:EUR exchange rate of 1.145, the possible offer values each Berendsen share at £12.50 per share (excluding the interim dividend), and implies a total equity value for Berendsen of approximately £2.2 billion on a fully diluted basis.

To read the full release, click here.