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| Multiplex supports offer from Brookfield Asset Management Australian property and construction group Multiplex said that it has entered into an agreement with Canada's Brookfield Asset Management Inc. in relation to the acquisition of all of the stapled securities of Multiplex Group for cash consideration of $5.05 per security by means of an off-market takeover offer. The offer values Multiplex at approximately $7.3 billion on an enterprise value basis. It is subject to a number of conditions, including obtaining a relevant interest in 50.1% of Multiplex securities. The offer has the support of Roberts Family Nominees (RFN) which has entered into arrangements with Brookfield in respect of all of its holding, being approximately 26%. RFN has no involvement in the Brookfield offer. Andrew Roberts and Tim Roberts have resigned as directors of the Multiplex board. Andrew Roberts, Tim Roberts and Denby Macgregor have also resigned from their respective executive positions, effective immediately. Multiplex welcomes Brookfield as a significant Multiplex securityholder. Bob McKinnon and Ross McDiven, currently acting as joint managing directors, have now formally been appointed as joint managing directors of Multiplex Group. The directors of Multiplex will recommend securityholders accept the offer. Brookfield have advised that they view Multiplex as an integral part of their international growth strategy and intend to use Multiplex and its local management team to grow in the regions in which Multiplex operates. write your comments about the article :: © 2007 Construction News :: home page |