Engenco Limited (ASX: EGN) has acknowledged an off-market takeover offer from Elph Investments Pty Ltd, part of the Elphinstone Group, proposing $0.305 cash per share. Elphinstone Group already holds approximately 68.53% of Engenco’s shares. The Engenco board advises shareholders to defer any action concerning the offer until further information is released.
Engenco will issue a Target’s Statement, which will incorporate the independent directors’ recommendation regarding the offer. Crucially, it will also include an Independent Expert’s Report assessing the fairness and reasonableness of the $0.305 offer for Engenco shareholders not affiliated with Elphinstone. Shareholders are urged to thoroughly examine the Target’s Statement before making any decisions about the offer.
To manage its response to the proposed takeover, Engenco has established an Independent Board Committee, comprising directors independent of the Elphinstone Group. This committee will keep shareholders informed of any significant developments related to the offer. Baker McKenzie has been appointed as the legal advisor to the Independent Board Committee. The proposed takeover and the subsequent independent evaluation will be critical in determining the future direction of Engenco.
