Australia’s CIMIC Group has responded to the announcement made by its majority shareholder, HOCHTIEF, of its intention to make an off-market takeover offer.
Earlier this week HOCHTIEF lodged an unconditional and final cash offer of $22 per share for all of the ordinary shares in CIMIC in which it does not already have a relevant interest.
It also lodged a copy of its bidder’s statement with the Australian Securities and Investments Commission, indicating that it expects to dispatch its bidder’s statement containing detailed information relevant to the offer to all CIMIC Shareholders on or around 9 March 2022.
The CIMIC Board advised shareholders “not take any action in respect of the takeover bid at this stage”.
It appointed an Independent Board Committee (IBC), consisting of its current Independent Directors Russell Chenu and Kate Spargo, to evaluate and respond to the takeover bid.
“The IBC, in consultation with its independent advisers, will consider the proposed offer and update shareholders in due course,” reads the Board’s statement.
“The takeover offer, when dispatched, is required to remain open for at least one month. The IBC will set out their views in relation to the proposed offer from HOCHTIEF in a target’s statement, which will include an independent expert’s report and which will be sent to all shareholders.
“Shareholders will receive the target’s statement in sufficient time to consider their alternatives and make a decision prior to the close of the offer. Until then, there is no need for shareholders to take any action.”