Dynamex agrees to higher offer of $238m

Dynamex has agreed to a new, higher offer -- about US$238 million -- to be acquired by Greenbriar Equity Group after it got an offer from another bidder.

Dynamex said that Greenbriar would pay US$24 per share.

Dynamex, a same-day courier service, announced last month that it had agreed to sell to an affiliate of Greenbriar for $21.25 per share, or about $210 million.

But last week, Dynamex said it received a better offer of $23.50 per share from a company it considered an excluded party from takeover talks. Dynamex didn't name the other bidder, but said it might have to cancel the agreement with Greenbriar and pay the private equity firm a $6.3 million break-up fee.

As part of a reworked Greenbriar offer, the break-up fee was raised to $7.7 million, which Greenbriar would get if Dynamex accepts a better, unsolicited takeover offer.

The deal includes a reverse break-up fee of $14.3 million that Greenbriar would pay if it can't arrange debt financing for the purchase, or $21.4 million in case Greenbriar sinks the sale.
(Source:www.cargonewsasia.com)