Crescent Capital looks poised to take control of engineering firm Cardno by upping its bid price 30¢ to $3.45 a share, and committing to company's existing turnaround plan.
In a series of manoeuvres agreed on Sunday with the board, the private equity firm will now only need to secure 30 per cent of votes in the struggling consultancy – rather than the 50 per cent it originally sought – to replace the existing board that it said bears responsibility for the company's poor performance.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Based in Melbourne, Michael is on Bluesky @michaelbleby.bsky.social. Email Michael at mbleby@afr.com
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