Clough sale goes ahead

THE long-awaited sale of engineering company Clough to Murray & Roberts has won the tick of approval from shareholders.
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Bianca Bartucciotto

Shareholders voted in favour of the sale at a general meeting in Perth on Friday. It was the final condition for the proposed sale of Clough.

The board also decided to pay a fully franked special dividend of 14c per share, subject to the sale going ahead.

Clough will seek federal court approval at a hearing on Wednesday, with shares expending to disappear off the ASX by Thursday if it is approved.

Shareholders will receive $1.46 per Clough share, slightly lower than the 52-week price high of $1.48 per share.

An acquisition of Clough was more than likely after Murray & Roberts launched a $1.46 per share offer in July, with Clough directors signalling their intention to support the plan.

Based on shares outstanding, the offer values Clough at $1.12 billion.

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