Midway acquisition update

Midway (ASX:MWY) has received approval from the Federal Court of Australia to proceed with a Scheme Meeting for the acquisition of all its issued shares by RCM BidCo Pty Ltd. The meeting is scheduled for January 30, 2025. The Midway Board advises shareholders to vote in favor of the scheme, pending further assessments.

Key details and future outlook

Midway Limited has announced significant progress in its acquisition by RCM BidCo Pty Ltd, with the Federal Court's approval to convene a Scheme Meeting. Scheduled for January 30, 2025, the meeting allows shareholders to vote on this proposal, with the Board's favorable recommendation. The Scheme Booklet, containing detailed information and an Independent Expert's Report by BDO Corporate Finance Australia Pty Ltd, will be distributed to shareholders by December 24, 2024. The Board's support hinges on the absence of a superior proposal and the confirmation of the scheme's fairness by the Independent Expert. Midway, a key player in woodfibre processing and export, continues to focus on strategic growth, emphasizing plantation and carbon management. Shareholders are encouraged to participate in the voting process either in person or via proxy. This development signifies a strategic shift and a pivotal moment in Midway's corporate journey.

Executive commentary on acquisition

The Midway Board unanimously recommends shareholders vote in favor of the Scheme, assuming no superior proposal is presented and the Independent Expert maintains that the Scheme is in the best interests of shareholders.