CIMIC offers to acquire UGL
CIMIC Group Limited (CIMIC) has announced that, through its wholly owned subsidiary CIMIC Group Investments No.2 Pty Limited (CGI2), it intends to make a final unconditional offer to acquire the shares in UGL that it does not already own pursuant to an off-market takeover at a price of AUD3.153 (US$2.417) per share .CIMIC, through CGI2, owns 13.84% of UGL.
The offer price is final, and cannot be increased during the offer period, in the absence of a competing proposal. The offer is unconditional other than with respect to a ‘prescribed occurrences’ condition.
The offer price represents a 47.2% premium to the last close price, being the price of ordinary shares in UGL on ASX at the close of trading on 7 October 2016, the trading day prior to the announcement date.
CIMIC believes UGL’s competencies are complementary to CIMIC’s existing operations or enhance CIMIC’s capabilities in new activities.
As the offer is unconditional, CGI2 has appointed Macquarie Securities to stand in the market on the ASX from the date the bidder's statement is lodged and purchase on CGI2's behalf any UGL shares offered to it at the offer price
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