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Fletcher Building extends Crane bid


Monday 21st March 2011

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Fletcher Building has confirmed an extension to its offer for Crane Group, and says its interest in Crane is now at 70 percent.

Last week, Fletcher Building waived a 90 percent minimum acceptance condition for the Australian plumbing supplies and plastic pipelines maker, together with all other outstanding conditions and declared its bid unconditional.

The extension of the offer period to March 31, from March 25, was previously announced.

It would allow Tyndall Investments to accept the offer for its 7.7 percent holding in Crane on March 28, Fletcher Building said.

The New Zealand-based building firm said it had a relevant interest in 55.1 percent of Crane shares, with a further 7.6 percent of Crane shares still in the process of being accepted from an institutional acceptance facility.

When the Tyndall stake was included, Fletcher Building's interest in Crane was 70.4 percent.

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