McMillan Shakespeare to buy Eclipx Group for AUD911m

Australian administrative services provider McMillan Shakespeare Ltd will buy Eclipx Group Ltd for an implied value of AUD911m ($661.9m). Each Eclipx share will fetch 0.1414 McMillan share as well as AUD0.46, McMillan said, valuing the share at A$2.85, based on the stocks’ closing price. This represents a premium of about 24% to Eclipx’ closing price. MMS Chairman Tim Poole commented “We are delighted to announce the Merger of two industry leading businesses to create a unique, diversified and best-in-class platform. We are confident in the strategic and financial logic of this combination and look forward to partnering with the highly skilled Eclipx team."