Construction and property management solutions company Lend Lease Corporation Ltd
(ASX:LLC) acquisition of Lend Lease Primelife Group has gained support from the independent directors of Primelife and an independent expert.
Last week Lend Lease entered into a scheme of arrangement to acquire the remaining Primelife issued stock it does not already own for 31 cents a share.
Lend Lease currently holds a 43.2 per cent interest in Primelife.
Primelife today lodged the scheme booklet relating to the proposal with the Australian Securities and Investments Commission which included independent expert Deloitte Corporate Finance’s conclusion that the share scheme and terms of the unit scheme are fair and reasonable and the proposal is in the best interest of Primelife shareholders.
Lend Lease CEO Steve McCann says the agreement is an attractive one as it will enable Primelife security holders to realise cash for their securities at a substantial premium to prior trading levels.
Lend Lease Corporation posted a $653 million loss in 2009 following four years of profits.
