Segro Plc. (SGRO.L) and Brixton Plc (BXTN.L) announced that they have reached agreement on the terms of a recommended proposal whereby SEGRO will acquire the entire issued and to be issued ordinary share capital of Brixton in exchange for New SEGRO Shares.
It is currently intended that the Transaction will be effected by way of a Court sanctioned scheme of arrangement of Brixton under Part 26 of the 2006 Act.
Under the terms of the Transaction, Brixton Shareholders will receive 0.175 of a Consideration Share of 10 pence each , or the equivalent of 1.75 SEGRO Shares of 1 penny each, adjusted to reflect SEGRO's proposed Share Consolidation, for every 1 Brixton Share.
The Transaction values the entire issued and to be issued ordinary share capital of Brixton at about £109.4 million and each Brixton Share at 40.25 pence (based on the Closing Price of 23.00 pence per SEGRO Share on 8 July 2009, being the last Business day before this announcement).
The SEGRO Group also announcing a tender offer to the holders of the 2010 Brixton Bonds to buy back any and all of the 2010 Brixton Bonds at a cash purchase price of 99% of their principal amount and to the holders of the 2015 Brixton Bonds and the 2019 Brixton Bonds to buy back up to £50 million in aggregate principal amount of the collective amount of 2015 Brixton Bonds and 2019 Brixton Bonds tendered at cash purchase prices of 74% and 72% of their principal amounts respectively.
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