SYDNEY: Johns Lyng Group (ASX: JLG), an integrated building services provider, confirmed it received a non-binding indicative proposal from Pacific Equity Partners (PEP) to acquire 100% of its shares via a scheme of arrangement.
The proposal, disclosed after market close on May 16, includes an opportunity for senior management, including CEO and largest shareholder Scott Didier, to retain equity in the business. The offer is subject to customary conditions, including due diligence and regulatory approvals.
An independent board committee, led by Non-executive Chair Peter Nash, granted PEP exclusivity until July 11 to finalize due diligence and negotiate a binding agreement. The committee emphasized no certainty of a transaction, which would require shareholder and court approval.
JLG appointed J.P. Morgan and Nomura as financial advisers and MinterEllison as legal adviser. Founded in 1953, JLG operates in Australia and the U.S., specializing in disaster restoration services.
Shareholders were advised to take no immediate action. Further updates will follow pending negotiations.