CIMIC announces takeover bid for UGL

Company News

by Jessica Ellerm

CIMIC Group Limited (ASX:CIM) has launched a takeover bid for UGL, after purchasing a 13.84 percent stake in the company early Monday morning.

CIMIC is offering $3.15 per share, a 47 percent premium to Friday’s closing price of $2.14.

Depending on the degree of control secured during the takeover, CIMIC is seeking to delist the company.

The company believes its core competencies are complementary to CIMICs existing operations, and that it can drive operational efficiencies through the acquisition.

CIMIC Group Limited reported a net profit of $244.6 million at 30 June 2016.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.