CIMIC Group
(ASX:CIM) says it intends to make an unconditional offer to acquire 63.01 per cent of Sedgman that it doesn’t already own pursuant to an off-market takeover.
CIMIC will pay $1.07 per share, which represents a 35.4 per cent premium to the last closing price of Sedgman shares on the 12th of January.
By making the offer CIMIC says its seeking to increase its shareholding in Sedgman to a level where it can better support the future direction of Sedgman.
In addition, CIMIC’s mining contractor Theiss has joint venture arrangements with Sedgman to deliver certain engineering projects.
CIMIC reported a net profit of $258.2 million at 30 June 2015.
