Contractor and developers set to recommend all-cash offer from Canadian asset managers
Multiplex, the Australian contractor and developer which delivered the new Wembley stadium a year late, has received an A$7.3bn (拢3.1bn) all-cash offer from Canadian Group Brookfield Asset Management.
The Multiplex board is set to recommended the A$5.05-a-share bid to shareholders once it has received an independent report deeming the bid 鈥渇air and reasonable,鈥� and as long as the company does not receive a 鈥渟uperior鈥� offer.
Brookfield first approached Multiplex with takeover proposals in January.
The deal would not be subject to the Australian Consumer and Competition Commission or any other anti-competitive approvals.
The Roberts family, which founded Multiplex and which owns 26% of the shares, will receive the same price as other shareholders. Brookfield already owns 4.2% of Multiplex shares.
The offer price represents a multiple of 20.7 times Multiplex鈥檚 net profit before the A$204.1m (拢88m) write down associated with Wembley.
Brookfield鈥檚 managing partner Jeff Blidner said that retention of the Multiplex management would be a priority.
鈥淏rookfield views Multiplex as an integral part of its international growth strategy and intends to use Multiplex and its local management team to grow in the regions that Multiplex operates in,鈥� he said. Multiplex, the Australian contractor and developer which delivered the new Wembley stadium a year late, has received an A$7.3bn (拢3.1bn) all-cash offer from Canadian Group Brookfield Asset Management.
The Multiplex board is set to recommended the A$5.05-a-share bid to shareholders once it has received an independent report deeming the bid 鈥渇air and reasonable,鈥� and as long as the company does not receive a 鈥渟uperior鈥� offer.
Brookfield first approached Multiplex with takeover proposals in January.
The deal would not be subject to the Australian Consumer and Competition Commission or any other anti-competitive approvals.
The Roberts family, which founded Multiplex and which owns 26% of the shares, will receive the same price as other shareholders. Brookfield already owns 4.2% of Multiplex shares.
The offer price represents a multiple of 20.7 times Multiplex鈥檚 net profit before the A$204.1m (拢88m) write down associated with Wembley.
Brookfield鈥檚 managing partner Jeff Blidner said that retention of the Multiplex management would be a priority.
鈥淏rookfield views Multiplex as an integral part of its international growth strategy and intends to use Multiplex and its local management team to grow in the regions that Multiplex operates in,鈥� he said.
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