Cardno Limited
(ASX:CDD) says a major shareholder Crescent Capital Investments intends to buy a much bigger stake in the company.
Crescent currently holds 19.62 per cent of Cardno shares and is offering Cardno shareholders $3.15 per share, a 26 per cent premium over the Friday’s trading price.
Crescent wants 50 per cent of those shares and will spend around $215 million to increase its stake to nearly 59 per cent.
Crescent says it plans to renew the current Cardno board line-up and take an active role in driving operational performance of the business to rebuild shareholder value.
Cardno reported a net loss of $145 million for the 2015 financial year.
