CIMIC looks set to succeed in its takeover bid for Queensland developer Devine Limited, after Devine's independent board members recommended that shareholders accept it.
In a statement to the ASX, the Independent Board Sub-Committee of Devine said it had entered into a bid implementation agreement with CIMIC Residential Investments Pty Ltd.
In accordance with the agreement, CRI will revise its conditional, off market takeover offer for all of
the shares in Devine which it does not already own, to make it unconditional and increase the price from $0.75 to $0.81 in cash per Devine share.
This represents a 6.5 per cent premium to its closing price on Wednesday.
In its target statement, Devine Independent Directors unanimously recommend Devine shareholders accept the revised offer in the absence of a superior proposal.
In addition, the Independent Directors said they would accept the revised offer in respect of Devine
Shares which they own or control, subject to the same qualification.
CIMIC, formerly known as Leighton Holdings, currently owns 50.6 per cent of the company.