Metcash will pay $55 million for a 50.1% stake in Mitre 10, and in its own words, “become a champion of the independent hardware retailer”.
Metcash, a grocery wholesaler, will have the right to acquire the remaining 49.9% of equity in 2012 or 2013, when audited accounts have been finalised.
Mitre 10 has given the transaction its full support, but shareholders of Mitre 10 Limited and Mitre 10 Australia Limited must also give their approval.
Metcash Limited
ASX Code: MTS
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For more on this news…
- Metcash ASX Release: “Metcash to acquire 50.1% of Mitre 10 and become champion of the independent hardware retailer”
- The Age: “Metcash snaps up 50% stake in Mitre 10″
