The sale of Australian-based MIM Holdings’ 37% interest in Granges (TSE) to Atlas (NYSE) is expected to proceed.
Following the announcement of the sale on April 28, Granges had 30 days to locate another purchaser if it wished.
Granges subsequently waived the right after coming to an agreement with Atlas regarding board representation and further share purchases.
Atlas will be represented on Granges’ 8-member board proportionate to its shareholding and will not increase its ownership beyond 40% without making the same purchase offer to all Granges shareholders.
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