-- Matrix Composites & Engineering (ASX:MCE) entered into a scheme implementation deed with Advanced Innergy Holdings (ASX:AIH) under which Advanced Innergy agreed to acquire 100% of Matrix via a scheme of arrangement, under which Matrix shareholders will receive AU$0.40 cash per share, according to separate Monday filings with the Australian bourse.
Advanced Innergy declared the offer price as its best and final in the absence of a superior competing proposal.
Advanced Innergy, via a wholly-owned unit, previously entered into call option deeds over Matrix shares representing, in aggregate, 19.9% of Matrix shares on issue. The scheme is expected to be implemented by the end of July, subject to all the conditions being satisfied or waived, including Matrix shareholder approval, court approval, and approval from the Foreign Investment Review Board.
The board of Matrix unanimously recommended that the company's shareholders vote in favor of the scheme in the absence of a superior proposal and subject to an independent expert concluding that the deal is is in the best interests of the shareholders.