Under the revised terms, Cranswick shareholders will receive two fully paid ordinary Evans & Tate shares and A$2.50 in cash for every five Cranswick shares. This means Cranswick shareholders are receiving A$0.93 per share, against an effective value of A$1.38 per share in the original offer.
AUSTRALIA: Cranswick/Evans & Tate merger terms revised
The Australian wine companies, Evans & Tate and Cranswick Premium Wines Ltd, announced on Friday that the merger between the two companies will be going ahead but under revised terms.