CIMIC Group Limited (CIMIC) has released its target statement regarding the off-market takeover offer by HOCHTIEF Australia Holdings Limited, for all of the ordinary shares in CIMIC. HOCHTIEF Australia has shown an interest at an offer price of AUD22.00 (US$16.51) cash per share.

The Independent Board Committee established by CIMIC has concluded that the offer is fair and reasonable to CIMIC Shareholders other than HOCHTIEF Australia and recommended accepting the offer in the absence of a superior proposal. The Independent Expert has assessed the estimated market value of CIMIC Shares on a controlling and 100% basis to be in the range of AUD19.26 (US$14.45) and AUD25.05 (US$18.79) per CIMIC Share.