Why is No-Moat UGL Limited a Takeover Target for CIMIC?
Our advice remains for UGL shareholders to accept CIMIC’s AUD 3.15 per share bid in the absence of a higher offer. This includes the option of selling on-market if the sale price covers the brokerage, or if certainty of sale is the imperative. CIMIC’s bid is pitched at a 40% premium to our AUD 2.25 per share fair value estimate, and is final. Our AUD 22.00 fair value estimate for CIMIC is unchanged given the relatively small AUD 525 million market capitalisation of UGL, and the fact that AUD 9 b...
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