Soul Patts, Brickworks shareholders to vote on $14b merger in September
Make us a preferred source
Make us a preferred source on Google
The news: Washington H Soul Pattinson and Brickworks will each hold shareholder meetings on 10 September to vote on a proposed merger to form Topco, which would be a $14 billion company.
The context: The deal was proposed in early June and the two companies have now received Supreme Court approval to hold votes on the proposed merger via a share scheme.
If the scheme is approved and implemented, Brickworks shareholders will receive 0.82 shares in combined entity Topco for each Brickworks share they own.
Soul Patts shareholders will receive one Topco share for each Soul Patts share they own.
The court also approved the distribution of the combination booklet.
An independent expert report by Kroll Australia found the scheme to be in the best interest of Brickworks shareholders while Lonergan Edwards & Associates said it is in the best interest of Soul Patts shareholders.
The boards of both companies unanimously recommend that shareholders vote in favour of the scheme, in the absence of a superior proposal.
