The National Veterinary Care Ltd (ASX: NVL) share price is on watch after an update on its proposed takeover.
What did the group announce yesterday?
The National Veterinary Care share price could move in early trade as the Supreme Court of Queensland made orders convening a meeting of shareholders.
The shareholders will consider and vote on the proposal for the Australian Veterinary Owner’s League (VetPartners) to acquire 100% of its shares.
The group entered into a binding scheme implementation with VetPartners on 16 December, which sent the National Veterinary Care shares soaring higher.
The cash acquisition price of $3.70 per share represents a 56.8% premium to the group’s last closing price. The offer received a unanimous recommendation from the National Veterinary Care Board in the absence of a superior proposal.
National Veterinary Care shareholders will now meet at 10am Brisbane time on Thursday 19 March for the vote.
The Court also approved the distribution to shareholders of an explanatory statement. This statement will provide information about the scheme implementation deed, independent expert report, and notice of scheme meeting.
The National Veterinary Care share price has hovered above the $3.60 per share mark since that 16 December surge.
It’s worth noting that the proposed merger still requires approval from shareholders, the Foreign Investor Review Board, or other regulators.
Who is VetPartners?
VetPartners is a privately-held veterinary group and the second largest in Australia. The group already owns 140 veterinary clinics across ANZ and Singapore prior to the potential acquisition.
In contrast, National Veterinary Care shares have climbed higher since listing in 2015. As at June 30 2019, it had acquired and integrated 99 veterinary practices across Australia.
National Veterinary Care shares aren’t the only ones that are on watch in February.
The Breville Group Ltd (ASX: BRG) share price rocketed 25% higher yesterday after a bumper half-year result while several other big names have also surged in recent days.
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Motley Fool contributor Kenneth Hall has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of NATVETCARE FPO. 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.