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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Sedgman Fpo (delisted) | ASX:SDM | Australian Stock Exchange | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
From Jun 2019 to Jun 2024
By Rhiannon Hoyle
SYDNEY--Australia's Cimic Group Ltd. (CIM.AU) said it is looking to acquire resources services contractor Sedgman Ltd. (SDM.AU) in a deal worth 153 million Australian dollars (US$107 million).
Cimic, which already holds roughly 37% of Sedgman's stock, on Wednesday said it intends to offer A$1.07 for each share it doesn't already own.
The company, Australia's biggest construction group, said it wants to "better support the future direction of Sedgman," in which it has had a stake for the past 15 years. The offer comes at a time when the country's services companies have been grappling with a sharp downturn in spending by resources producers.
The offer is final, Cimic said. Shares in Sedgman surged 36% to A$1.0725.
In a regulatory filing, Sedgman advised shareholders to wait until directors had time to consider the proposal before acting on the offer.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
January 12, 2016 19:50 ET (00:50 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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