Cardno Limited
(ASX:CDD) has received an increased takeover offer from Crescent Capital Investments Pty Limited as part of a proportional off-market takeover bid.
Following negotiations, the infrastructure and environmental services company has received an increased offer price from $3.15 per Cardno share to $3.45 per Cardno share.
Crescent Capital Investments has also extended the offer period to 2 November from 28 October, as part of an implementation agreement.
The Cardno board has changed its recommendation and no longer rejects Crescent’s offer.
Cardno Limited reported a net loss of $145 million at 30 June 2015.
