Brokers agree merger

The deal, which TradeWinds first disclosed on Monday, will see Braemar acquire the entire issued capital of ACM.

ACM shareholders will be entitled to receive two new ordinary shares and £2.50 ($4) in cash for every five ACM ordinary shares.

This will result in Braemar shareholders owning 72% of the enlarged share capital and ACM shareholders holding the remaining 28%.

Following the merger Braemar’s chairman Sir Graham Hearne CBE, chief executive James Kidwell and chief finance director Martin Beer will assume the same top three roles respectively at the new enlarged company.

ACM