There is Logic in No-Moat CIMIC's Bids for Comparative Minnow UGL, No Change to Fair Value
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 ...CIMIC Group is a construction company and the contract miner. Co. provides construction, mining, engineering, public-private partnerships (PPP), and operation and maintenance services to the infrastructure, resources and property markets. Co. comprises the following main segments: construction, contract mining, PPP, engineering, Habtoor Leighton Group, and commercial and residential. Co. delivers its services through several companies: CPB Contractors Pty Ltd, Leighton Asia Limited, Thiess Pty Ltd, Pacific Partnerships, and EIC Activities Pty Ltd. Co. operates across the Australia Pacific, Asia, Middle East and Americas regions in the infrastructure, resources and property markets.
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