UGL Limited (ASX:UGL)
has announced a majority of its board recommend that UGL shareholders accept the off market takeover offer from CIMIC.
4 board members have recommended the offer, with one director opposing.
Independent Expert Grant Samuel has determined the offer price falls within the valuation range for the company, and has indicated he considers the offer to be fair and reasonable, in the absence of a superior offer.
CIMIC is offering shareholders $3.15 cash per UGL share.
UGL Limited posted a net loss of $103.1 million at 30 June 2016.