In a joint statement, the companies said that Tex shareholders will receive
Tex Chairman Anthony Richard Brocas Burrows said the proposed acquisition of Tex will provide a number of operational synergies that will strengthen the group's competitive position.
"The maintenance of a main board listing and management of the Tex's defined benefit pension scheme are obligations that contribute to Tex's cost base and require considerable management time," Burrows said in a statement.
"The cancellation of the listing will deliver immediate cost savings whilst it is proposed that the management of the pension scheme obligations will be consolidated with that of the pension and Assurance Scheme of
Burrows said the deal is motivated by the dual objective of providing Tex's minority shareholders with the chance to exit their investment, as well as the strengthening Tex's competitiveness.
Tex was established in 1946 and listed on the main market in 1971. It is mainly involved in plastics injection moulding and tooling procurement, the manufacture and supply of proprietary piling equipment, engineering products and boards and panels.
Burrows and his family and family trusts have owned and controlled the
In addition to its interest in Tex,
Tex shares Thursday closed at
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