Westrac merger: Stokes sews up instos

KERRY Stokes’ proposed merger of Caterpillar dealer Westrac and the Seven Network appears a done deal after key institutional investors backed a sweetened proposal giving them “downside protection” if Westrac fails to meet profit forecasts.

Westrac merger: Stokes sews up instos Westrac merger: Stokes sews up instos Westrac merger: Stokes sews up instos Westrac merger: Stokes sews up instos Westrac merger: Stokes sews up instos

Stokes' private company Australian Capital Equity has agreed to forego 15 million shares in the merged company worth around $A130 million if Westrac does not meet its forecast EBITDA (earnings before

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