Corporate Action - We Recommend UGL Shareholders Accept CIMIC Bid
The AUD 8.9 billion market-capped CIMIC Group intends an AUD 3.15 per share cash off-market takeover offer for UGL Limited, valuing the target at AUD 525 million, a near 50% premium to its prebid value. CIMIC describes the offer as free of conditions and final in the absence of a competing bid. The pity of another Australian company falling to a majority foreign-owned entity notwithstanding, our advice is for UGL shareholders to accept the bid in the absence of a higher offer. This includes the ...
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