Spanish-led construction group CIMIC has made a $256 million hostile takeover bid for Sedgman after the Queensland engineering group rejected demands to shrink its board.
CIMIC, which already owns 37 per cent of Sedgman, is offering $1.07 per share in cash for the Queensland group, a 35 per cent premium to its closing share price of 79¢ on Tuesday.
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Jenny Wiggins writes on business, specialising in infrastructure, telecommunications and transport. Connect with Jenny on Twitter. Email Jenny at jwiggins@afr.com
