Fletcher Building Limited (Fletcher Building) today announced the fulfilment of a further regulatory condition for its proposed acquisition of Crane Group Limited (Crane).
The Overseas Investment Office's (OIO) decision satisfies a key condition of Fletcher Building (Australia) Pty Limited's (Fletcher Building Australia) off market takeover offer for all the ordinary shares in Crane that the Fletcher Building Group does not already own.
A formal notice of the fulfilment of the condition in Fletcher Building Australia's offer in clause 12.8(a)(iii) (Overseas Investment Act Approval) of its Bidder's Statement is attached. The offer remains conditional on, among other things, Fletcher Building having a relevant interest in 90 percent of Crane ordinary shares.
Fletcher Building Chief Executive Officer Jonathan Ling said, "The offer for Crane is progressing well, with consent from the OIO following last week's ACCC clearance. We remain confident of satisfying the remaining regulatory conditions."
ACCEPT the Offer
Crane's Directors have unanimously recommended that Crane Shareholders ACCEPT Fletcher Building Australia's offer, in the absence of a superior proposal.
Shareholders requiring additional assistance should call the Offer Information Line on 1300 042 036 (toll free for calls made within Australia), 0800 505 529 (free call for calls made within New Zealand) or +61 3 9938 4357 (for calls made outside Australia or New Zealand).
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For further information contact:
Philip King
General Manager
Investor and Media Relations
Ph: +64 9 525 9043
John Frey
Cosway Australia
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