logo
Share SHARE
FONT-SIZE Plus   Neg

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

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
American Airlines Group said pilots at its subsidiaries American Airlines and US Airways, represented by Allied Pilots Association, have approved a new five-year contract which provides immediate pay raises of 23 percent and subsequent annual raises of three percent for the next five years. LEGO Group, TT Games and Warner Bros. Interactive Entertainment have announced their 2015 slate of video games, including LEGO Jurassic World, LEGO Marvel's Avengers, and as well as new hand-held and mobile titles. Social-networking giant Facebook, Inc. is said to be testing their new 'Place Tips' feature for iOS users that will rival a similar service being provided by Yelp or Foursquare. The feature will provide the user relevant content about their location as long as they are there through pop ups on their news feed page of Facebook.
comments powered by Disqus
Follow RTT