PMP revealed on 27 April it had received “a highly conditional non-binding indicative offer” valuing it at between $220 million and $252 million – triple its then market capitalisation.
TMA is a diversified print and technology group with large overseas manufacturing operations. Its print management clients include Qantas and Coles.
PMP confirmed to the ASX this morning that TMA was the mystery suitor.
“PMP confirms that the offer [has] been provided by TMA. There is no certainty that TMA or any other party will proceed with any proposal for the acquisition of PMP or, if it does, the timing of such a proposal or the terms and conditions on which any such proposal will be made,” the company said.
“TMA has provided funding commitment letters in a form that is customary at this preliminary stage of a potential transaction.
“The views expressed in the funding commitment letters are preliminary and any funding commitment that may be made in the future is subject to the completion of due diligence to financiers’ satisfaction, credit and other required approvals and documentation.”
PMP requested the trading halt after TMA’s identity was revealed in today’s edition of The Australian Financial Review.
“The PMP board requires time to prepare an appropriate response,” the company said.
Trading resumed this morning after a halt of about three hours. PMP’s shares had risen 22% to reach 45c at time of writing.
PMP announced on 7 May it had appointed Gresham Partners to advise it on the takeover offer.
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