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Majority of UGL directors back CIMIC bid

AAP logoAAP 6/11/2016

The majority of UGL's directors are recommending the engineering group's shareholders accept Spanish-controlled construction giant CIMIC's $524 million takeover bid.

UGL says the $3.15 a share unsolicited takeover offer represents an attractive premium to historical trading prices following an independent expert's report by Grant Samuel to assess the merits of the offer.

UGL on Monday said non-executive director Robert Kaye had recommended that shareholders reject the offer as he believed the bid may not reflect fully the underlying value of the company.

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