|
|
|
| Home | About Us | E-Franchise | Employment | Join Us | Shopping | Email Us | Guide |
| Affiliate | Our Mission | E-Partner | Free Classified | Earning | Add URL | Site Map | FAQ |
|
AMP has a good hair day. AN AMP Henderson investment fund has stumped up $66 million to take hair care company Sabre private. Henderson Private Capital yesterday announced an agreed $2.15-a-share offer for Sabre, best known for its Fudge brand of hair care and pet products. The offer, which sent Sabre shares roaring 34 to $2.12, appears guaranteed of success based on conditional undertakings by shareholders accounting for 53 per cent of the company to accept the bid. They include Sabre founder and chief executive Anton Starling, who has given Henderson an option over 19.9 per cent of the group. He also plans to accept the offer for the rest of his 38 per cent holding. Sydney-based Sabre said its independent directors had thrown their weight behind the offer, which will be effected through a scheme of arrangement. Chairman Allan Farrar said the offer was pitched at a "significant" premium of more than 30 per cent above Sabre's volume-weighted average share price over the past three months. "This premium is significant when the growth in expected earnings in the medium-term is taken into consideration," he said. "While the company is trading in line with the previous six months, it has suffered a decline in earnings growth due to the difficulties experienced in the US and the Australian salon market." Sabre annual sales are running at nearly $60 million, spread over Australasia, Asia, North America, Europe and the Middle East. Henderson declined to comment yesterday on its plans for Sabre.
|
|
