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 ...Downer EDI is engaged in providing services to customers which includes Transport Services; Technology and Communications Services; Utilities Services; Rail; Engineering, Construction and Maintenance; and Mining, in Australia and New Zealand and also in the Asia-Pacific region, South America and Southern Africa.
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