Fletcher Building Group Ltd
(ASX:FBU) has declared its $700 million takeover bid for Crane Group Ltd
(ASX:CRG) as unconditional.
The New Zealand based company has waived the 90 per cent minimum acceptance condition together will all other outstanding conditions.
Fletcher now holds a 57 per cent stake in Crane and will immediately appoint two new directors to Crane's board.
CEO Jonathan Ling says acquiring a majority interest in Crane comes following strong support for the offer from both institutional and retail shareholders.
Mr Ling has encouraged that remaining shareholders accept the offer before it closes on 31 March 2011.
In the first six months of 2011 financial year, Fletcher Building posted a $129.8 million net profit.
