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LandMark White submits A$10.3M takeover bid for Taylor Byrne

Property services provider LandMark White Ltd. is offering to take over Taylor Byrne Pty. Ltd. under an approximately A$10.3 million scheme.

The offer will be paid using a cash consideration of nearly A$5.2 million and the issuance of 8,583,333 LandMark shares at a deemed issue price of 60 Australian cents apiece. Shareholders of the targeted property valuation and consultancy company will receive one LandMark share for every 15.111 Taylor Byrne shares held as of Sept. 28 as part of the scheme.

LandMark is planning to use existing cash reserves and financing facilities from an unnamed major Australian bank to fund the cash component of the scheme, according to a news release.

The proposal is slated to close Oct. 15. It is subject to the signing of a sale and purchase agreement between LandMark and Taylor Byrne.