Fletcher Building passes key 50% mark in Crane takeover
Fletcher Building says support for its planned purchase of Australia's Crane Group has passed the key 50 percent level.
Fletcher Building says support for its planned purchase of Australia’s Crane Group has passed the key 50 percent level.
The aggregate of Fletcher’s relevant interest in Crane shares together with the Crane shares subject to the institutional acceptance was 50.9 per cent as at 10 March 2011, the company said.
The offer has received strong support from shareholders with acceptances from more than 53 per cent of shareholders by number.
The offer has been unanimously recommended by the Crane Board of Directors and all directors have now accepted.
Fletcher ceo Jonathan Ling said Crane shareholders should “accept as soon as possible to enable the offer to proceed. Accepting shareholders will receive payment on our accelerated timeframe, once the offer is unconditional."
The offer closes on Friday March 25 unless further extended.
NBR staff
Thu, 10 Mar 2011
Thu, 10 Mar 2011
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Fletcher Building passes key 50% mark in Crane takeover
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