Shareholders of system integrator Legend to vote on $100 million acquisition bid

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Shareholders of system integrator Legend to vote on $100 million acquisition bid

Shareholders of ASX-listed manufacturing and engineering conglomerate Legend Corporation will vote on a proposed $100 million acquisition bid early next month.

Private equity firm Adamantem Capital in May this year reached an agreement to acquire all of Legend’s shares for $0.365 per share, or $100.6 million.

Legend shareholders will vote on the proposal on 9 August 2019 at a scheme meeting in Adelaide.

Legend, through subsidiary Legend Performance Technology, supplies a range of cabling, memory, data racks and cabinets, PDUs and Patch Panels. Offerings from other subsidiaries include electrical, semiconductor, power generation and defence engineering solutions.

In the announcement from May, Legend’s directors recommended shareholders to vote in favour of the acquisition, citing a report from an “independent expert” saying the deal is “in the best interests” of Legend shareholders.

“The proposed transaction represents a compelling value and liquidity opportunity for all Legend shareholders relative to recent trading prices and volumes,” Legend chairman Bruce Higgins said.

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