PEP lobs takeover bid for SAI Global

Takeover bid values target at as much as $1.106bn, board terminates CEO Stephen Porges.

Pacific Equity Partners has lobbed an unsolicited, conditional takeover bid for SAI Global (SAI) that values the company in a range between $1.075 billion and $1.106bn.

The suitor is recommending the deal be completed through a scheme of arrangement in a the range of $5.10 to $5.25. 

The SAI board said it had not formed a view as to the merits of PEP's offer, but was open to engaging with the suitor to determine whether a binding proposal that is capable of being put to shareholders with the recommendation of the SAI Board, can be developed.

The news of the offer comes as SAI announced its board had moved to terminate the employment of chief executive Stephen Porges, due to "fundamental differences of opinion between him and the board".

The group said non-executive, independent chairman, Andrew Dutton had been appointed executive chairman, effective immediately.

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