Engineering business, Bradken (ASX:BKN), has lodged its Target’s Statement in relation to the off-market takeover bid by Japanese company, Hitachi Construction Machinery.
Hitachi wants to acquire all the issued shares in Bradken for $3.25 per share, which is 34% premium to Bradken’s closing price on 3 October.
Bradken has sought independent advice from advisory firm, Grant Thornton, who concluded that Hitachi’s offer is fair and reasonable –provided another company doesn’t make a better offer.
The offer is scheduled to open on 1 November and close on 10 February.
Bradken posted a net loss of $196 million at 30 June 2016.