AMA Group Ltd Acquisition of Automotive Solutions Group

Acquisition of Automotive Solutions Group: AMA Group Ltd (ASX: AMA) has offered for a full takeover bid (unconditional) for Automotive Solutions Group (ASX: 4WD). Particularly, AMA has offered $0.35 in cash for all of the remaining shares, while the group already has an equity interest in 4WD representing 17.77% of the issued capital of ASG. AMA has financed the acquisition using existing cash resources. Further, Bell Potter is acting for AMA in 4WD takeover. The present offer price is at a nil premium to the closing price of 4WD shares on May 22, 2017 and represents a premium of 15.1% to the Volume Weighted Average Price of the Shares on the ASX of $0.3042, for the period from April 26, 2017 (being the date of the announcement to the ASX of the trading update and profit guidance) to May 22, 2017. Earlier, AMA had reported for NPAT of $8.55m for the half-year ended 31 December 2016 while revenue from ordinary activities soared 68.83% over prior corresponding period. The interim dividend was maintained at 0.5 cents. The stock edged up 0.5% on May 23, 2017.   

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