Advanced Innergy Holdings (ASX: AIH) has submitted a non-binding and indicative proposal to the Board of Matrix Composites & Engineering (ASX: MCE) to acquire all of the shares in Matrix for AUD$0.40 per share via a scheme of arrangement. The proposed takeover price is a significant 66.3% premium to the 5-day VWAP, and marks a key step in Advanced Innergy’s strategy to establish a market-leading technical buoyancy and subsea ancillaries platform in the Asia-Pacific region.
Premium Offer Reflects Strategic Value
The Offer Price is stated as best and final in the absence of a superior competing proposal for all or a material part of Matrix’s shares or assets.
Strategic Expansion of Manufacturing Footprint
The proposed acquisition of Matrix provides Advanced Innergy with an immediately deployable regional production base at Matrix’s Henderson facility, supporting both local and global supply. Advanced Innergy believes the combination of both businesses creates a platform well positioned to capture a greater share of value in a growing market and to enhance its manufacturing presence across the Asia-Pacific region.
Indicative Proposal Subject to Conditions
The Indicative Proposal remains non-binding and incomplete, and is subject to a number of standard conditions, including completion of a short period of exclusive due diligence, regulatory and governmental approvals, execution of mutually acceptable transaction documentation on customary terms, and final approval of the Advanced Innergy Board.
Collaborative Process to Deliver Certainty
Advanced Innergy looks forward to working closely with the Matrix Board to progress the transaction efficiently, with a focus on providing the target company’s shareholders with a high degree of certainty, limited conditionality, and minimal execution risk. The milestone represents an important step in Advanced Innergy’s strategic growth plan and in building a leading technical buoyancy and subsea ancillaries platform.
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