Grant Thornton assessed the market value of Ludowici shares on a control basis to be in the range of $6.80 to $8.08 per share.
“The independent expert considers that the scheme is fair and reasonable and therefore has concluded that it is in the best interest of Ludowici shareholders,” Ludowici directors said in a statement.
Last week the Federal Court of Australia approved the convening of a meeting of Ludowici shareholders to consider and vote on the scheme.
The date of the scheme meeting and Ludowici’s annual general meeting has been set for May 31, with a second court hearing due on June 8. Ludowici anticipates the takeover will become effective on July 3, if it achieves shareholder and court approval.
A takeover struggle for Ludowici came to an end last month with London-listed Weir Group pulling its offer for the Brisbane-based processing equipment manufacturer.
In a statement, Weir Group said its offer to acquire Ludowici for $10 per share had lapsed and it had withdrawn from bidding for Ludowici.
“Whilst Ludowici represented an attractive opportunity to expand our market-leading Australian business, our focus in any acquisition is to create value for Weir shareholders,” Weir Group executive Keith Cochrane said.
“A materially higher offer would not have met the rigorous financial criteria which will apply to all acquisitions.”