PERTH (miningweekly.com) – The board of takeover target UGL has advised shareholders to accept the A$3.15 a share cash offer from ASX-listed Cimic, after the company obtained a relevant interest of 77.09%.
The UGL board warned that shareholders who did not accept the offer faced becoming minority interest holders in UGL, unless Cimic is entitled to proceed with the compulsory acquisition of the remaining shares, and elected to do so.
Cimic’s offer will close on December 21.