BINGO has agreed on a scheme implementation with Macquarie, which will see Macquarie acquire 100 per cent of BINGO’s capital share.
By way of Scheme of Arrangement, Macquarie will acquire assets subject to both organisations being content.
BINGO’s board committee along with the companies recommending directors unanimously approved the implementation of the scheme.
Shareholders are being encouraged to continue their current stock in the company, with BINGO announcing they will receive additional benefits from franking credits, up to $0.05 per share.
The listed cash consideration represents a 33 per cent premium to the BINGO weighted average increase, which includes and prices up to the 18th of January 2021 with an acquisition multiple of 19.5x LTM Dec 20 EBITDA.
BINGO IBC Chairperson Elizabeth Crouch said the implementation scheme is an ideal result for the company.
“After considering future opportunities for the business, along with economic, regulatory and execution risks, the IBC has unanimously concluded that the Scheme is a compelling option which realises attractive value for our shareholders,” she said.
The scheme is still subject to certain conditions, which both BINGO and Macquarie must be satisfied with.