C&C In Advanced Discussions To Acquire Matthew Clark Bibendum

4th Apr 2018 08:38

LONDON (Alliance News) - C&C Group PLC said on Wednesday that, with the support of AB InBev NV, it is in advanced discussions to acquire the entire issued share capital of UK drinks distributors Matthew Clark (Holdings) Ltd and Bibendum PLB (Topco) Ltd and their subsidiary businesses.

The proposed acquisition is conditional on the appointment of administrators to Conviviality PLC, which is expected to take place on Wednesday. A further announcement will be made later this morning.

Consideration for the shares will be a nominal sum, and C&C will provide sufficient funds to support the on-going working capital and other cash requirements of the businesses. In addition, AB InBev will provide additional financial support to the transaction. C&C’s investment will be funded from existing C&C facilities.

At completion, Matthew Clark Bibendum will have GBP102 million of working capital facilities provided by its current lender group, repayable in instalments over the 12 months following completion.

Matthew Clark Bibendum will be run as a separate business.

Shares in C&C were 6.8% higher at EUR2.74 each on Wednesday.

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