Cardno Limited's
(ASX:CDD) Board of Directors has urged shareholders to reject Crescent Capital Partner’s proportional takeover offer.
The target's statement to shareholders comes after an independent expert’s report labelled the offer neither fair nor reasonable.
The environmental and infrastructure services company said that Crescent’s offer is opportunistic and undervalues the company. Cardno also warned of the adverse implications a proportional takeover could have for non-Crescent shareholders.
Crescent Capital is offering to buy one of every two Cardno shares for $3.15 each. The financial institution presently holds a 19.62 percent stake in Cardno.
Cardno Limited reported a net loss of $145 million at 30 June 2015
