BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The board of each of Drax Bidco and HEIT have reached agreement on the terms of a recommended cash acquisition pursuant to which Drax Bidco, a wholly-owned subsidiary undertaking of Drax, will acquire the entire issued ordinary share capital of HEIT. HEIT shareholders shall be entitled to receive: for each scheme share: 88.0 pence in cash. The consideration per scheme share values the entire issued share capital of HEIT at approximately 199.9 million pounds.
The board of each of Drax Bidco and HEIT noted that, in total, HEIT shareholders representing 19.6 percent of HEIT's issued ordinary share capital are supportive of the acquisition and have each entered into irrevocable undertakings to vote in favour of the Scheme at the Court Meeting and the resolutions to be proposed at the General Meeting.
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