The Australian Takeovers Panel has published a Declaration and Orders that allows Danish company FLSmidth to proceed with its offer of AU$ 11/share (less any dividends determined, declared or paid by Ludowici before the transaction is completed) for Australian company Ludowici Ltd.
Ludowici’s board of directors has unanimously resolved to recommend the proposed transaction to Ludowici’s shareholders, subject to there being no superior proposal and an independent expert concluding that the scheme is in the best interests of the shareholders.
The decision comes off the back of an intense bidding war that saw rival bidders Weir Minerals attempt to block FLSmidth from raising its offer from an initial AU$ 7.20/share on the grounds that the Danish company said its original offer was final. Weir raised its offer from AU$ 7.92/share to AU$ 10/share, but with the right to terminate the offer should the Australian Takeovers Panel not prevent FLSmidth offering over its initial offer of AU$ 7.20/share, as proposed by Weir.
Read the article online at: https://www.worldcoal.com/coal/29022012/flsmidth-to-proceed-with-au$-11-share-offer-for-ludowici/