RPMGlobal (ASX:RUL) signed an exclusivity deed with Caterpillar after receiving a non-binding proposal to acquire all of the RPM shares and options on issue for AU$5 apiece by way of a scheme of arrangement, according to a Monday filing with the Australian bourse.
Caterpillar has been granted six weeks of exclusive confirmatory due diligence access, allowing them to conduct further research and work towards a binding scheme implementation deed, the filing said.
The board intends to recommend the proposal to shareholders and to vote any shares they hold in favor, subject to no superior proposal being received, and an independent expert concluding it is in the best interests of shareholders, per the filing.
However, there is no certainty that the proposal will lead to a transaction.
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