World's biggest contract miner in labour hire takeover bid
THE world's largest contract miner has made a bid to takeover UGL Limited, a labour hire operator in the Bowen Basin.
Cimic Group Limited, the parent company to contract miner Thiess which operates Bowen Basin projects including Lake Vermont and Dawson Coal Mine, made a takeover offer for all ordinary UGL shares for $3.15 per share in cash.
UGL notified shareholders of the move this morning, but recommended they "take no action”.
"The board of UGL Limited notes the announcement by CIMIC Group Limited that it intends to make a final and unconditional takeover offer for all the ordinary shares of UGL at a price of $3.15 per share in cash,” the ASX announcement said.
"CIMIC has also lodged a substantial shareholder notice under which it has acquired 13.84% of the issued capital of UGL.
"The Board of UGL will meet as soon as possible to consider the offer and will provide further advice to shareholders at that time. In the meantime, the board of UGL recommends that shareholders take no action in relation to the CIMIC announcement.”
UGL Limited started out as a engineering company in Perth in 1970, and now has more than 7000 employees across Australia, New Zealand and South East Asia.