Australian administrative services provider McMillan Shakespeare Ltd plans to buy complete fleet management services provider Eclipx Group Ltd for an implied value of A$911 million ($661.9 million), or $2.08 per share, in cash and stock.
Eclipx board recommended the offer and the deal is expected to be put to vote by shareholders in early 2019.
Each Eclipx share will fetch 0.1414 McMillan share as well as $0.34 valuing the share at $2.08, based on the stocks’ last closing price.
This represents a premium of about 24 percent to Eclipx’s closing price on Wednesday. Eclipx rose more than 15 percent to $1.94.