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Murray & Roberts Holdings Ltd Updates On Recommended Offer To Acquire Outstanding Shares In Clough Limited


Thursday, 29 Aug 2013 02:05am EDT 

Murray & Roberts Holdings Ltd announced a proposal to acquire all of the ordinary shares in Clough Limited (Clough) that Murray & Roberts does not already own at AUD1.46 cash per share (Consideration). The Consideration is expected to consist of a cash payment of AUD1.32 (Capital Payment) paid by Murray & Roberts and a proposed dividend of AUD0.14 per share paid by Clough (Clough Dividend), (collectively, the Proposed Acquisition). Murray & Roberts has successfully completed confirmatory due diligence and announced that Murray & Roberts and Clough have entered into a binding Scheme Implementation Agreement (SIA) to give effect to the Proposed Acquisition. Under the Scheme, Murray & Roberts is to acquire the 38.4% of Clough shares that it does not already own through wholly owned subsidiary Murray & Roberts Pty Ltd (Murray & Roberts Aus). If the Scheme is implemented, Clough to become a wholly owned subsidiary of the Group. The Consideration is approximately AUD461.4 million (including the transaction costs associated with the Proposed Acquisition and the cost to acquire outstanding Clough options and performance rights), which is equivalent to approximately ZAR4,309 million at the ZAR/AUD exchange rate as at the close of business on August 27, 2013. 

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2119.0
34.0 +1.63%
19 Dec 2014