Deal set for completion subject to shareholder approval. Carphone shareholders will vote at AGM on July 15th
The merger of Carphone Warehouse and Dixons Retail is expected to be completed on August 7th.
Shares of Dixons Retail will trade for the final time on August 5 and will be merged into Carphone Warehouse shares the following day.
Dixon Carphone shares will begin trading on the London Stock Exchange on August 7th. It is unclear at this stage whether the combined company will enter the FTSE100 share index of Britain’s largest companies.
The details were revealed in a shareholder prospectus released last week which also revealed that Carphone Warehouse founder Sir Charles Dunstone will be the largest single shareholder of the new company with 11.7 per cent. He will pocket £280,000 per year as chairman of the new group.
The new board would take home basic salaries of a combined £3.3 million with joint chief executive officer’s Andrew Harrison and Sebastian James able to double their basic take home through performance-related bonuses.
The merger is still subject to shareholder approval of both companies which is expected to be sealed later this month. Carphone Warehouse shareholders will vote on the merger at its AGM on July 15th.
Last week the European Commission gave unconditional approval to the merger.