Bradken soars on Japanese offer
PERTH (miningweekly.com) – The share price of ASX-listed Bradken has soared by nearly 32% after receiving a takeover offer from Japan’s Hitachi Construction Machinery.
Hitachi on Monday launched a A$3.25-a-share cash offer for the mining consumables company.
The Bradken board has unanimously recommended the offer in the absence of a superior proposal and subject to an independent expert concluding that the offer is fair and reasonable.
The offer is subject to a number of conditions, including Foreign Investment Review Board and US foreign investment approval, as well as a 50% minimum acceptance condition.
The offer is expected to remain open for a period of seven weeks.
Bradken's share trading closed at a high of A$3.23 a share on Tuesday.
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