from cbs...the deal is done

  1. 2,433 Posts.
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    just thru on the tickers...price is US26mil...

    "By combining our brands with Yates, we are better positioned to offer improved services and a broader range of products to retailers and consumers in these important markets while also propelling the overall lawn and garden category."

    The transaction, which requires approval from Australian regulators and Yates' shareholders, calls for Scotts to pay Yates up to $26 million (US), subject to certain adjustments. Scotts will finance the acquisition through existing credit facilities.

    "We believe we can achieve significant synergies -- especially related to supply chain -- that make the economics of this transaction compelling," Hagedorn continued. "Our valuation of the business reflects a conservative view of these synergies as well as the business' future growth potential. We're also pleased to retain the strong Yates' management team and look forward to working with them to build upon their recent successes and taking this business to the next level."

    David Marginson, Yates' current managing director, will lead the combined operation.

    "David and the Yates team have done an outstanding job turning this business around over the past several years," said Michel Farkouh, executive vice president of International Operations for Scotts. "Yates is a widely respected company and this transaction is an exciting opportunity for Scotts to continue building upon our worldwide base. We are confident we can further accelerate the growth of this business and continue to strengthen our position as the global leader in the lawn and garden category."
 
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