Sharechat Logo

Canada's WSP crosses 90% threshold to mop up remaining Opus shares

Friday 10th November 2017

Text too small?

WSP Global Inc, a Canadian listed consultancy firm, has crossed the 90 percent threshold needed to enforce mop-up provisions in its takeover bid for local engineering firm Opus International Consultants, meaning it just needs regulatory approval to close the deal. 

The Canadian consultancy lifted its stake to 90.7 percent from 89.5 percent according to documents filed to the stock exchange. WSP mounted a takeover in August after extended negotiations with Malaysian Stock Exchange-listed UEM Edgenta Bhd, which owns 61.2 percent of Opus International. It lifted its offer price to $1.92 a month later to accommodate a dividend payment. 

Three institutional shareholders - Accident Compensation Corp, Salt Asset Management and Aspiring Asset Management - who between them hold 9.4 percent of Opus International, joined UEM Edgenta in signing a lock-up deal with WSP, meaning it started the process with acceptances totalling 70.6 percent.

WSP has previously said it will exercise its statutory right to compulsory acquire the remaining shares once it crosses the 90 percent threshold. 

The takeover offer remains subject to the satisfaction or waiver of certain conditions, including the consent of the Overseas Investment Office which was applied for on Aug. 22, Opus said. 

Opus shares last traded at $1.76 and have gained 123 percent in the past 12 months. 

(BusinessDesk)

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
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:

Transpower sees no risk to credit metrics from incentive change
NZ dollar rises, an outlier amid rising Gulf tensions
Craigmore spends $32M to expand Kerikeri kiwifruit crop by 'more than a third'
CentrePort eyes further hub expansion
South Port beats guidance, earnings in line with 2018 record
Plexure sees revenue growth from White Castle deal
22nd July 2019 Morning Report
NZ dollar treading water as markets focus on Iran
MARKET CLOSE: NZ shares extend gain as passive funds bolster prices; Tourism Holdings climbs
NZ dollar headed for 1.3% weekly gain on expectations of a Fed rate cut

IRG See IRG research reports