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Fletcher Building extends offer for Crane Group

Friday 18th February 2011

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Fletcher Building has extended its offer period for Australian-based plumbing supplies and plastic pipelines maker Crane Group by two weeks to March 11.

The offer period had been extended as certain regulatory conditions and the 90% minimum acceptance condition remained outstanding, the company said today.

Fletcher Building chief executive Jonathan Ling said the company was confident of receiving the remaining regulatory clearances.

Last week Fletcher Building received clearance from the Australian Competition and Consumer Commission (ACCC) for the bid, but a decision from the Commerce Commission in this country is not expected until Thursday.

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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