Engenco (ASX:EGN) disclosed that Elph Investments plans to make an off-market takeover offer to acquire all of the ordinary shares of the technical services provider for AU$0.305 cash per share, according to a Friday Australian bourse filing.
Elph Investments currently owns a 37.13% stake in Engenco while its associate, Elph currently owns 31.48% of the firm's shares.
Elph Investments and Elph are part of the Elphinstone Group. The Elphinstone Group determined that there is compelling synergistic potential to be realized from incorporating Engenco as a wholly-owned unit.
Engenco shareholders will remain entitled to receive a dividend declared on Feb. 27 of AU$0.005 per share and that amount will not be deducted from the offer price, the filing said.
Engenco said it will "in due course" release a target's statement responding to the offer and advised shareholders to take no action in response to the offer until it provides further information.
Its shares jumped 38% on market close on Friday, reaching a 52-week high point.
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