(Alliance News) - Redde PLC's shares have been temporarily suspended from trading on the London's junior AIM market, pending an announcement, the AIM stock market said on Friday.
Redde has agreed an all-share merger with fellow vehicle rental and services company Northgate PLC. Under the terms of the merger, each Redde shareholder will receive 0.3669 of a new Northgate share for every Redde share held. After completion, Northgate shareholders will control 54% of the combined company and Redde investors the remainder.
The merged company will be called Redde Northgate PLC.
Northgate shares were trading 1.6% lower at 281.00 pence each on Friday in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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