Former Leighton Holdings now CIMIC could move to privatise listed residential developer Devine if the company's second-largest shareholder, Lyn Brazil, holds out on a revised $128 million takeover bid.

CIMIC increased its bid from 75¢ per share to 81¢ on Wednesday evening and has had the offer recommended by Devine's independent board; however, independent expert KPMG has stated that the takeover offer was "not fair" for shareholders.