Pet business Greencross Limited (ASX: GXL) has declared a special dividend for the remaining shareholders on its register.
The company is looking to provide the best return for shareholders, including unlocking some of the franking credits through the form of a special dividend.
It is currently the takeover target of TPG Asia, which wanted to take over Greencross for $5.55 less any special dividends declared.
Well, today Greencross has decided to declare a special dividend if the takeover goes ahead. The dividend has been set at $0.19 for each Greencross share, which an expected record date for Wednesday 13 February 2019. So it would seem that the takeover price will be reduced by $0.19 per share.
Greencross and TPG BidCo, as of today’s announcement, see no circumstances where the takeover won’t go ahead.
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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Greencross Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.