Cimic Draws Up A$153 Million Deal for Services Contractor Sedgman
January 12 2016 - 7:05PM
Dow Jones News
By Rhiannon Hoyle
SYDNEY--Australia's Cimic Group Ltd. (CIM.AU) said it is looking
to acquire resources services contractor Sedgman Ltd. (SDM.AU) in a
deal worth 153 million Australian dollars (US$107 million).
Cimic, which already holds roughly 37% of Sedgman's stock, on
Wednesday said it intends to offer A$1.07 for each share it doesn't
already own.
The company, Australia's biggest construction group, said it
wants to "better support the future direction of Sedgman," in which
it has had a stake for the past 15 years. The offer comes at a time
when the country's services companies have been grappling with a
sharp downturn in spending by resources producers.
The offer is final, Cimic said. Shares in Sedgman surged 36% to
A$1.0725.
In a regulatory filing, Sedgman advised shareholders to wait
until directors had time to consider the proposal before acting on
the offer.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
January 12, 2016 19:50 ET (00:50 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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