CIMIC’s independent board directors will advise investors this week how they should vote on a hostile $1.5 billion takeover offer from the construction group’s controlling shareholder Hochtief just two weeks before it closes.
The only independent directors of Australia’s biggest construction company, Kate Spargo and Russell Chenu, will release a “target’s statement” including an independent report from Grant Thornton this week.
Once it gets 90 per cent of CIMIC, Hochtief can try to compulsorily acquire remaining shares in the construction group.
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