Bravura receives takeover proposal from Ironbridge
Bravura Solutions has received an offer from Ironbridge Capital, on behalf of funds it advises, to purchase 100 per cent of Bravura’s shares and options.
Bravura has received an indicative, non-binding and conditional proposal to acquire, via a nominee, all stakes in the company which are not already owned by Ironbridge.
The Scheme Proposal includes an offer of $0.28 cash per Bravura share minus the amount of any dividend collected by Bravura prior to the scheme’s initiation.
Ironbridge has indicated that despite a number of conditions including approval from debt financiers, a mutually satisfying implementation agreement and unanimous recommendation for the scheme by independent directors, it would successfully broker a binding agreement with Bravura by 17 July.
The offer price of $0.28 represents a premium of 65 per cent to the closing price on 27 June of $0.17, a premium of 51 per cent to the one month volume weighted average price at the same time, as well as a premium of 48 per cent to the three month volume weighted average price.
Bravura formed a committee of independent directors following the initial proposal on 6 May 2013 to progress discussions with Ironbridge and facilitate due diligence.
They intend to recommend the scheme, in the absence of a superior proposal, and granted a mutually satisfactory scheme implementation agreement can be worked out.
A public statement from Fisher Funds that they support the proposal is needed, and according to the director committee, it has confirmed it will support the motion in the absence of a superior offer, and will not sell off its shares other than into the scheme proposal as long as a bindign agreement had been negotiated by 31 July.
Bravura has given Ironbridge a period of exclusivity until 17 July.
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