Livingston bids for PBB
Wednesday, October 19th, 2005 - 2:48 pm
Customs broker and freight forwarder Livingston International is attempting an unfriendly takeover of PBB Global Logistics, after being rebuffed by PBB’s trustees.
Livingston is offering PBB unitholders 0.92 of a unit of Livingston in exchange for each PBB unit, which represents a premium of approximately 17%, based on the closing prices of the Livingston units and the PBB units on the Toronto Stock Exchange (TSX) on October 18, 2005. PBB has approximately 10.8 million units outstanding. The transaction values PBB at approximately $180 million. Livingston’s market capitalization is about $279 million.
Both companies were converted to income trusts in recent years. The trust units trade on the TSX as LIV.UN (Livingston) and PBB.UN (PBB). (Source: Livingston press release)
