The company continues to progress with Coca-Cola European Partners (CCEP) takeover offer via a scheme of arrangement.
An Independent Expert’s (IE) report by Grant Samuel & Associates Pty, has concluded that the scheme is fair and reasonable and accordingly is in the best interests of independent shareholders.
Underlying value has been assessed at between $12.68-$14.01 per share by the IE. This valuation includes a premium for control. It is in line with CCEP’s offer price of $13.50 per share. The Hold rating is unchanged and the target price increases to $13.50 from $12.75.
Sector: Food, Beverage & Tobacco.
Target price is $13.50.Current Price is $13.43. Difference: $0.07 – (brackets indicate current price is over target). If CCL meets the Morgans target it will return approximately 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
