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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