Fletcher says has Commerce Commission approval for Crane bid

Friday 25th February 2011

Fletcher Building says it has all necessary regulatory approvals for its bid for Australian-based plumbing supplies and plastic pipelines maker Crane Group, with the Commerce Commission clearing the takeover offer.

Fletcher said that as at 7pm yesterday its relevant interest in Crane shares and Crane shares subject to an institutional acceptance facility was 36%. More than 40%, by number, of Crane shareholders had accepted the offer.

While Fletcher said it was pleased with the level of acceptances, it also announced today two moves which it said were designed to bring the offer to a successful close "as soon as possible".

It had waived most remaining conditions of the offer, although the 90% minimum acceptance condition was among those that remained.

It would also accelerate payment to accepting shareholders to within seven days once the offer became unconditional, Fletcher Building said.

Late last month, Fletcher lifted its offer for Crane, to one Fletcher Building share and A$3.50 cash for each Crane share. Crane was also to pay A50c per share as a fully franked special dividend. The total implied value to be received by Crane shareholders including the special dividend was A$10.07 per Crane share.

NZPA

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