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CIMIC seeks to take over Sedgman

THE board of coal handling and preparation group Sedgman has recommend that its shareholders take...

Lou Caruana
CIMIC seeks to take over Sedgman

CIMIC has indicated that it intends to make an unconditional cash takeover offer of $1.07 per

share (less any dividend paid by Sedgman) for all of the shares in the company that it does not own. CIMIC currently holds 36.99% of the issued capital in Sedgman.

The deal represents a 35% premium to the last closing price.

CIMIC’s global mining contractor Thiess has joint venture arrangements with Sedgman to deliver certain engineering projects including a CHPP at Idemitsu’s Boggabri coal mine in New South Wales.

“The directors (other than the CIMIC nominee director) recommend that shareholders should wait until the directors have had time to consider the offer and provide their recommendation before taking any action in relation to their shares,” the company said.

“The Sedgman board has formed a sub-committee, comprising the current directors but

excluding the CIMIC nominee director, to consider the offer and will provide its

recommendation to shareholders once it has done so.”

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