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Metcash (MTS) $3.64

Shares remained in a trading halt today after Metcash confirmed that it has entered into binding agreements to acquire Superior Food with for up to $412.3m, Bianco Construction Supplies (82.2m) and Alpine Truss ($64m) in a ~$560m deal, that will be funded via a $300m institutional placement at $3.35 (8% discount) and a $25m share purchase plan (SPP) at the same level. The deal is an interesting one, and overall, we think it stacks up. Completion is expected in 4Q for Bianco and Alpine Truss, and 1Q FY25 for Superior Food, although Bianco and Superior Food acquisitions are subject to ACCC clearance. The deal is expected to the earnings accretive and will improve the depth of the MTS offering.

MM remains positive on MTS
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Metcash (MTS)
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