Ammtec considers Campbell $123m takeover bid
Minerals tester Ammtec Ltd announced it is considering a $123 million takeover offer from laboratory services and chemicals producer Campbell Brothers Ltd.
Campbell Brothers has advised Ammtec that its wholly owned subsidiary, Australian Laboratory Services Pty Ltd (ALS), intends to make a cash offer for all shares in Ammtec Ltd at $3.35 per share. The offer includes an all share alternative, offering Ammtec shareholders the choice of accepting Campbell Brothers shares (rather than cash) as consideration for their Ammtec shares.
"The Board is considering its response to the announcement, and pending further advice from the Board, Ammtec's shareholders are advised to take no action in relation to Campbell Brothers' bid or any document received from Campbell Brothers until they receive the Directors' formal recommendation," said Ammtec in a statement to the ASX.
Ammtec appointed Azure Capital and Steinepreis Paganin as its advisor in relation to the Campbell Brothers takeover bid.
Perth-based Ammtec operates metallurgical laboratories in Western Australia, New South Wales, South Australia and Tasmania.
Campbell Brothers is a leading Australian diversified services company, providing state of the art analytical testing services internationally, as well as commercial chemical and cleaning solutions throughout Australia and the Pacific, and hospitality wares and distribution throughout Australia and New Zealand. Founded in 1863, Campbell Brothers currently employs over 7,000 staff operating from 200 sites in 44 countries worldwide.
ALS provides analytical laboratory and technical services to international environmental, minerals, coal, tribology (used oil), food, and industrial markets. It operates more than 160 laboratories in 42 countries.