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
Alteryx, Inc., a provider of self-service data analytics software, is the latest tech company to go public in March. Alteryx said it has priced its IPO of 9 million shares of its Class A common stock at $14 per share, at the top end of its range of $12 to $14 per share. Dunkin' Donuts is bidding adieu to one of its frozen coffee beverages this summer. However, loyal fans of the decades-old menu staple have not taken kindly to the news. The coffee chain said it will discontinue its popular Coffee Coolatta beverage this summer and instead, introduce the new Frozen Dunkin' Coffee, made with coffee extract, sugar and milk. Canadian pipeline operator Enbridge Inc. said it will cut about 1,000 jobs, or six percent of its workforce, following the completion of its acquisition of Houston-based Spectra Energy Corp. The job cuts will take place across the merged company.
comments powered by Disqus
Follow RTT