SEYMOUR WHYTE SHARES SURGE AFTER FRENCH TAKEOVER OFFER REVEALED

Written on the 16 March 2017

SEYMOUR WHYTE SHARES SURGE AFTER FRENCH TAKEOVER OFFER REVEALED SEYMOUR Whyte (ASX:SWL) is the subject of a takeover offer from French construction giant VINCI.

The Brisbane-based engineering firm is trading up 24 per cent $1.37 per share at 12pm AEDT after releasing the details of the offer to the ASX.

The indicative, non-binding and conditional proposal proposes a price range of $1.36-$1.43 per share, a premium on Seymour Whyte's price of $1.00 per share at close on Monday, 13 March.

In addition, the proposal may include a special dividend to unlock Seymour Whyte's franking credit balance of $17.8 million.

In the statement today, Seymour Whyte says it is in the value of its shareholders to progress the deal by providing VINCI access to due diligence information.

The company has agreed to a period of exclusivity with VINCI to allow it to undertake this due diligence.

The indicative proposal is subject to several conditions, including access to due diligence, retention of management and relevant regulatory approvals.

Seymour Whyte undertook a strategic review process in November 2016 in light of the company's share price performance and also an unsolicited approach it received in relation to a "potential corporate transaction".

The process included discussions with several industry participants, including VINCI, and the proposal was received through this proposal.

Investec Australia Limited and Corrs Chambers Westgarth have been appointed as Seymour Whyte's financial and legal advisers.

Business News Australia

Latest News

OROTON GOES CLICKS AND BRICKS AS PROFITS SLIDE

TWO former Aussie lawyers have turned their passion for fashion into a $15 million dollar international business six ...

MANTRA'S SHARE PRICE SURGE INDICATES 'SUITORS ARE CIRCLING' THE HOTEL GROUP

THE rumour mill surrounding a high-level takeover of Mantra Group (ASX: MTR) is in full production with its shares su...

MELBOURNE CBD GEMS SELL FOR $17 MILLION, MARKING A NEW PROPERTY HOTSPOT

LITTLE Lonsdale Street in the heart of Melbourne's CBD has become a favourite for investors in 2017, following th...

CAN GOOGLE RECOVER FROM GLOBAL CONTROVERSY OVER ITS PROGRAMMATIC ADVERTISING SYSTEM?

IT'S the story that has rocked the world of advertising. The lucrative Google (NASDAQ: GOOGL) advertising system ...

Related News

RAY OF HOPE FOR SLATER AND GORDON AS LENDERS STEP IN

EMBATTLED law firm Slater and Gordon (ASX: SGH) has announced to the ASX that it has launched confidential discussion...

SPROUTX PROVIDES THE SEED FOR AGTECH STARTUPS

AGTECH innovation fund SproutX has opened applications for its first accelerator round, backed by $10 million from...

GAS PRICES MAY FORCE BRICKWORKS TO TAKE MANUFACTURING OVERSEAS

BRICKWORKS Limited (ASX:BKW) chairman Robert Millner says soaring energy prices may force the company to turn to offs...

CHINA CONTINUES TO COLLECT AUSSIE PROPERTY ASSETS

CHINESE coin continues to dominate Australia's offshore real estate investment market, accounting for almost h...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter