Photo by: Bloombeg
PERTH (miningweekly.com) – ASX-listed Cimic has started the compulsory acquisition of the remaining shares in takeover target Sedgman, after gaining an interest of more than 90%.
Cimic in January announced its intention to launch a takeover for Sedgman, offering the company’s other shareholders A$1.07 a share for their interest in the mining services provider.
Earlier this month, the offer was amended to 94.7c a share in cash for the Sedgman shares, to take into account a fully franked dividend of 12.3c a share declared by Sedgman in February.
Cimic had been an investor in Sedgman for about 15 years, and its global mining contractor Thiess had joint ventured with Sedgman to deliver engineering projects.