Bradken takeover by Hitachi at a premium price

Company News

by David Chau

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.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.