Sharechat Logo

Fletcher's Crane bid unconditional, urges minorities accept

Thursday 17th March 2011

Text too small?

Fletcher Building has dropped the all-or-nothing condition on its bid for Australian plumbing supplies and plastic pipelines maker Crane Group and is moving to take control of the board, having amassed a 57% holding from the ongoing bid.

The New Zealand based building firm today waived a 90% minimum acceptance condition together with all other outstanding conditions and declared the bid unconditional.

It said it intends to appoint a majority of Fletcher Building nominee directors to the Crane board as soon as possible. Under a takeover bid implementation agreement Fletcher Building has the right to appoint two directors to replace existing directors and it can appoint a third director to replace an existing director when it pays shareholders who accepted as at March 17. The board has six members, according to the company's website.

The bid is open to March 25, and Fletcher Building intends to extend the offer closing date to March 31.

The new board appointees are David Worley and Paul Zuckerman. Worley is the chief executive of The Laminex Group, while Zuckerman is the chief executive of Fletcher Building's steel division.

Fletcher Building strongly encouraged all remaining shareholders to accept its "attractive" offer.

It said that shareholders who did not accept should consider the potential adverse consequences of being a minority shareholder in a company controlled by Fletcher Building.

The Crane share price may fall once the offer closes, and Crane's shares are likely to become less liquid.

It also said payment is dispatched within seven days.



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Tourism Holdings Limited (NZX: THL) thl to acquire MaxiTRANS NZ
NZ Compare announces the acquisition of PriceMe
25th January 2022 Morning Report
Fonterra Shareholders Fund (NZX: FSF) Fonterra lifts forecast Farmgate Milk Price range
Green Cross Health Limited (NZX: GXH) Trading update
Ebos Group Limited (NZX: EBO) Retail Offer Oversubscribed
24th January 2022 Morning Report
ArborGen Holdings Limited (NZX: ARB) Updates Market on FY22 Guidance
My Food Bag Group Limited (NZX: MFB) Q3 FY22 Trading Update
ikeGPS Group Limited (NZX: IKE) signs $0.9m deal with tier-1 electric utility