cimic-logo-feature
Image – Medianet.
  • Offer price for Devine (ASX: DVN) is 24 cents per share
  • Minimum acceptance reached on 7 July
  • Offer is now unconditional

Late in May this year, construction giant CIMIC offered to takeover Devine (ASX: DVN) at 24 cents per share.

This is not the first time the company attempted to take over Devine, CIMIC previously offered 75 cents per share in 2015.

In late June this year, the independent expert appointed to assess the deal deemed it fair and reasonable.

At the end of last week, acceptances of the CIMIC offer brought the relevant interest of CIMIC in Devine to 81.54%.

This week, CIMIC announced the minimum acceptance condition had been fulfilled and the takeover offer had become unconditional.

As announced on 7 July, CIMIC had acquired 143,055,425 shares in Devine, making the relevant interest 90.12%.

The company had received valid acceptances in respect of at least 75% (by number) of the non-associated shares, and relevant interest in at least 90% (by number) of the Devine shares on issue.

Following the fulfilment of the condition, CIMIC is now entitled to proceed to compulsorily acquire shares not acquired under its offer.

The offer is scheduled to close at 7pm (Sydney time) on 15 July 2021, unless it is extended or withdrawn by CRI in accordance with the Corporations Act.

devine-asx-dvn-all-time-chart
Image – Google.

Devine listed on the ASX on 25 November 1993, at $2.15, shares peaked just before the GFC in late 2007 at $5.10. Last year, the company share price dropped as low as 8 cents per share.

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