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Cimic extends Sedgman takeover to facilitate delisting

4th March 2016

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed contractor Cimic has extended its takeover offer period for fellow-listed Sedgman until March 18, and has adjusted its offer consideration to take into account a recently awarded dividend of 12.3c a share.

Cimic in January announced its intention to launch a takeover for Sedgman, offering the company’s other shareholders A$1.07 a share for their interest in the mining services provider.

To date, Cimic has secured a 79% shareholding in Sedgman.

Cimic on Friday amended the offer consideration to 94.7c a share in cash for the Sedgman shares, to take into account a fully franked dividend of 12.3c a share declared by Sedgman in February.

The company had also extended the closing date of the takeover offer by two weeks, to meet an ASX condition that would allow Cimic to delist Sedgman after gaining ownership of at least 75%, and without the approval of Sedgman shareholders.

Edited by Creamer Media Reporter

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