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Eclipx Group (ECX) Shares Crunched As McMillan Shakespeare (MMS) Halts Merger

Eclipx Group Ltd (ASX: ECX) share price plunges 50% as McMillian Shakespeare Ltd (ASX:MMS) requests a trading halt over its ASX shares.
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Andrew Schonberger

Andrew is a qualified Chartered Accountant (CA) with a strong passion for finance and investing.
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McMillian Shakespeare Ltd (ASX: MMS) requested a trading halt over its shares this morning until it made an announcement to the ASX.

What’s Going On With McMillan?

In the ASX announcement, McMillan stated the proposed merger with Eclipx Group Ltd (ASX: ECX) that was first announced in November 2018 is unlikely to proceed.

It cited various issues with Eclipx, but particularly their net profit after tax and amortisation (NPATA) being down 42.4% compared to the first five months of FY18.

Under the proposed merger, Elipx shareholders were to receive 0.1414 MMS shares and $0.46 cash for every Eclipx share, implying a total value of $2.85 per Eclipx share at the time the merger was proposed.

Eclipx has since stated that it believes the merger is unlikely to proceed.

McMillan Shakespeare shares were up 3.3% on the news as shareholders probably feel they dodged a bullet, whereas Elipx shares were hammered as much as 56% down to a low of $0.825.

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