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BRIEF-Programmed Maintenance Services recommends acquisition proposal from PERSOL
July 14, 2017 / 12:05 AM / a month ago

BRIEF-Programmed Maintenance Services recommends acquisition proposal from PERSOL

July 14 (Reuters) - Programmed Maintenance Services Ltd

* board recommends acquisition proposal from PERSOL

* PERSOL proposes to acquire 100% of issued share capital of programmed for a cash price of $3.02 (offer price) per share

* Programmed maintenance services ltd - cash consideration of $3.02 cash per share will be reduced by amount of any such special dividend.

* deal will have no impact on programmed's operations, customers and employees.

* directors unanimously recommend scheme, in absence of a superior proposal

* Offer price of $3.02 represents an enterprise value of $992 million

* PERSOL and co agreed that co's dividend reinvestment plan will be suspended in respect of fy17 final dividend of 3.5 cents

* Under proposal, programmed may declare and pay a fully-franked special dividend Source text for Eikon: Further company coverage:

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