Elders entered a scheme of implementation to acquire 100% of Australian Independent Rural Retailers shares on issue by way of a scheme of arrangement $8.23 per share. Australian Independent Rural Retailers is involved in supplying a wide range of rural products and services to its members. The Acquisition consideration comprises 50% cash and 50% Elders scrip with a mix and match facility provided to AIRR shareholders. The Acquisition values AIRR at A$157m ($116m) on an equity value basis and A$187m ($138m) on an enterprise value basis. By issuing scrip consideration as part of the funding for the Acquisition, Elders is increasing alignment between Elders shareholders and AIRR shareholders. Following the Acquisition and the Equity Raising, AIRR shareholders will own 8.4% of Elders’ shares in total. Potential to deliver net synergies of $4 - 6m. per annum, to be gradually realized​ over the next two years. “Like Elders, AIRR is a business with a track record of driving Australian agricultural success. We have grown consistently since the ​establishment in 2006 and we are pleased to be continuing this growth with the support of Elders. Our key management team will continue unchanged, delivering the same benefits our independent retailer customers rely on.” Peter Law, AIRR Managing Director.