"Under the Scheme of Arrangement being put to you today, you will be entitled to receive as consideration for each Coles Group share: $4.00 cash; 0.14215 Wesfarmers' Ordinary Shares; and 0.14215 Wesfarmers' Partially Protected Shares," said Allert.

Shareholders will also be entitled to receive the Coles Group fully franked final dividend of $0.25 per share.

According to Allert, an independent expert, Grant Samuel, concluded that the Wesfarmers' proposal was in the best interests of Coles Group shareholders in the absence of a superior proposal.

Samuel pointed out that shareholders will have a 44 per cent economic interest in the Wesfarmers merged group; the Wesfarmers' proposal was the outcome of an extensive worldwide sale process and was the only firm offer for all of Coles Group; and that continued ownership uncertainty was likely to be damaging for Coles Group, particularly its supermarkets.

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