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IMI Closes Disposal Of Beverage Dispense And Merchandising Units

Engineering group IMI Plc. (IMI.L) announced the completion of the disposal of its Beverage Dispense and Merchandising divisions for an enterprise value of $1.1 billion.

As previously indicated, IMI proposes to return approximately 620 million pounds of cash to shareholders by way of a "B and C share" scheme which will offer shareholders the opportunity to choose whether to receive the cash as an income and/or capital payment (and which will be accompanied by a share consolidation).

The company said proposed return of cash will require IMI shareholder approval at a general meeting. It is expected that a circular containing details of the proposed B and C share scheme, the action recommended to be taken by IMI shareholders and a notice of general meeting (including the requisite shareholder resolutions) will be sent to IMI shareholders around the end of this month.

In Mid-October 2013, IMI said that it agreed to sell its Retail Dispense business to an affiliate of Billionaire Warren Buffett's Berkshire Hathaway Inc. (BRK_A, BRK_B), for a cash consideration of $1.1 billion or 690 million pounds. As per the sale agreement, IMI would dispose its Retail Dispense unit, comprising Beverage Dispense and Merchandising divisions, to The Marmon Group, a diversified industrial organization.

by RTT Staff Writer

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