Gilbert + Tobin has acted for Fletcher Building Limited, an ASX and NZSX-listed company, which today (31 January) announced an improved recommended scrip and cash takeover bid for ASX-listed Crane Group Limited, advised by Blake Dawson.
The offer consideration comprises $3.50 in cash and one Fletcher Building share for each Crane share.
In addition, Crane will pay eligible shareholders a fully-franked special dividend of $0.50 per Crane share. The cash component will not be reduced by the special dividend or by the interim dividend of $0.22, to be paid by Crane on 22 February.
The implied offer price of $10.07 per Crane share represents an increase of $0.94 (approximately 10 per cent) from the original offer announced by Fletcher Building on 15 December 2010.
Crane and Fletcher have entered into a Bid Implementation Agreement in relation to the improved offer and the Crane Board has agreed to unanimously recommend the offer, in the absence of a superior proposal.
The Blakes team comprised Bill Koeck (lead partner), Philip Maxwell, Sophie MacIntosh, Peter McCullough and Vivian Chang.