MFS suceeds in takeover of S8
Investment and financial services group MFS Limited has announced that is has received acceptances under its takeover offers for S8 Limited for 96% of S8 shares, 85% of options and 95% of convertible notes.
As a result, MFS has received valid acceptances for over 90% of S8’s shares and over 90% by value of all S8 shares, options and convertible notes, with MFS able to move to compulsorily acquire all outstanding shares, options and convertible notes.
MFS Managing Director Phil Adams said he was delighted with the success of the takeover, adding “the acquisition will enable implementation of a wide reaching plan to consolidate a range of leisure and accommodation businesses within one investment vehicle”.
He added that planning is well advanced confirming that the creation of this new investment vehicle will take place within the current financial year.
The assets owned by S8, which include Australia’s largest travel products distribution network including Harvey World Travel, Transonic Travel, Travelscene, Gulliver’s in New Zealand and a UK joint venture with Virgin Travel and more than 5000 apartments under management, will complement the current businesses managed by MFS including the Stella Resorts Group which itself includes a range of apartments under the brands of Bale, Peppers, Mantra, BreakFree and Ambia.
With the success of the takeover now assured Mr Adams said updated guidance would be provided to the market shortly.
Report by The Mole
John Alwyn-Jones
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