The starting gun has been fired on the tender offer through which engineering buy-out firm Melrose will take over German engineer Elster Group.
Under the previously announced agreed offer, Elster shareholders will receive $82 per ordinary share and Elster American depository shares (ADS) holders will receive $20.50 for every ADS, representing a premium of 48.6% to the price of an Elster ADS on June 11th, the last business day prior to press speculation that Rembrandt Holdings, Elster's majority shareholder, was considering a sale of its Elster holding.
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