The offer from PEP values SAI at between A$5.10 and A$5.25 per share.
SAI said, “At this stage, the Board has not formed a view as to the merits of the indicative proposal. The board is open to engaging with PEP to determine whether a binding proposal that is capable of being put to shareholders with the recommendation of the SAI Board, can be developed.
“The company added that it has hired Macquarie Capital and Gilbert and Tobin to assist in this process.”
SAI simultaneously announced the resignation of CEO Stephen Porges due to “fundamental differences of opinion between him and the board.”
In the meantime, PEP is reportedly set to raise A$954m through an IPO of cleaning and catering company Spotless Group.
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