Guinness Peat Group PLC (GPGPF.PK, GPG.L) announced that it has accepted Peet Limited's (PPC.AX) takeover offer for its 73% shareholding in CIC Australia Limited (CNB.AX). The Group noted that Peet has announced its takeover offer for CIC Australia is unconditional. Guinness Peat expects to receive total sale proceeds of approximately 37.5 million pounds.
The Group said it has accepted Peet's offer because it is compelling relative to other value realisation alternatives. Guinness Peat Group currently sees little prospect of a superior proposal emerging.
For comments and feedback: editorial@rttnews.com