Shortly after receiving an indicative conditional proposal from The Western Union Company (NYSE:WU) for all of its issued share capital, Ozforex Group Ltd (ASX:OFX) has agreed to engage in further acquisition talks on exclusive basis to progress the proposal.
Under the proposal, Western Union will acquire 100% of the shares of OzForex for an all cash consideration of between $3.50 to $3.70 per OzForex share.
The Indicative Proposal is subject to a set of conditions, including Western Union completing due diligence and the parties entering into a definitive implementation agreement.
OzForex has agreed that during the exclusive due diligence period it will not solicit, negotiate or enter into agreements with, or provide access to non-public information to, third parties in connection with any competing proposal.
OzForex’s Board notes that there is no certainty that the Indicative Proposal will lead to a binding offer for the shares of OzForex, what the terms of any such offer would be, or whether there will be a recommendation by the Board.
To download the official announcement from OzForex, click here.