Cimic shareholders recommended to accept Hochtief offer

Cimic’s independent board committee established to assess the bid offer from Hochtief has backed the deal.

Last month, Hochtief Australia was given permission by its parent company to make an offer to acquire the remaining shares in Cimic, in which it already owns a 78.58% stake.

The independent board at Cimic appointed Grant Thornton as an independent expert to assess the merits of the offer, and following that process the board has unanimously recommended that Cimic shareholders should accept the offer in the absence of a superior proposal.

Cimic has published a target’s statement that sets out the independent board committee’s reasons for its recommendation and other information that is material to shareholders in assessing the offer.

The target’s statement is now being dispatched to shareholders.