EG Group to Acquire Oliver's Real Food in Australia
Blackburn-based, international petrol forecourt and convenience retail operator EG Group announces it has entered into a binding agreement to acquire ASX listed Oliver’s Real Food Limited (ASX: OLI) (“Oliver’s”) via a scheme of arrangement. If the scheme is implemented, Oliver’s shareholders will receive A$0.10 cash per Oliver share, valuing Oliver’s diluted equity at approximately A$27m.
Zuber Issa, EG Group Co-Founder and Co-CEO announced: “EG delivers innovative food and convenience offers to customers internationally and we are committed to bringing market leading offers to our Australian customers. In Oliver’s we see a concept that meets a global trend towards healthy and sustainable eating.”
Mike McMenamin, EG Australia CEO added: “Oliver’s has developed a strong following in Australia, and has been very well received by our customers in trials at a number of our stores. This acquisition presents a great opportunity for us to enter the Australian restaurant market and the potential to enhance our convenience offer across our 500+ store network. We look forward to the Oliver’s team joining the EG Australia family.”
Jason Gunn, Oliver’s Founder, Director & CEO said: “This transaction is a huge positive for our customers, our dedicated team, our suppliers and our shareholders. We are looking forward to working with the EG Group for this next phase of our journey.”