AGREEMENT TO ACQUIRE MANOR FARM – THE LEADING CHICKEN PROCESSOR IN IRELAND
Scandi Standard AB (publ.) (SCST SS) is pleased to announce that it has entered into an agreement to acquire Manor Farm, the largest chicken processor, and market leader, in the Republic of Ireland (Ireland).
The business had net revenues of EUR 164 million and EBITDA of EUR 13 million in 2016. The agreement values Manor Farm at an enterprise value, based on the closing price for the Scandi Standard shares on 26 June 2017, of EUR 94 million. Settlement will be a combination of 6 million Scandi Standard shares (“Consideration Shares”), an earn-out mechanism, cash and the assumption of outstanding interest-bearing debt. Completion of the transaction is subject to customary conditions, including approval of the issuance of the Consideration Shares at an Extraordinary General Meeting of Scandi Standard. The four largest shareholders, representing approximately 29% of Scandi Standard’s share capital, support the transaction.
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