YARRAMAN OFFER1 Nov 2008 18:41
August 2008
Yarraman Winery, Inc. (YRMN.PK) announced today that agreement has been reached on the broad terms of a recommended offer to be made to acquire Asia Distribution Solutions Limited (AIM: ADSL) in a transaction valued at approximately US$27 million.
The offer, which was unanimously approved by both companies' Boards of Directors, provides for the issue of up to 63,340,000 new shares of Yarraman Winery to be paid as consideration to the Asia Distribution Solutions shareholders, in proportion to their shareholdings when the offer closes. The transaction is expected to close in the fourth quarter 2008, and is subject to reaching 90% acceptance by the Asia Distribution Solutions shareholders, as well as other customary conditions, including regulatory approvals and compliance in applicable jurisdictions.