takeover talks six bucks here we come, page-27

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Multiplex, Builder of Wembley, Gets Takeover Approach (Update1)

By Robert Fenner

Jan. 25 (Bloomberg) -- Multiplex Group, the Australian building company running more than a year late to finish London's Wembley stadium, said it received a takeover approach, sparking a record 16 percent gain in its shares.

Multiplex, which missed Wembley's Jan. 1, 2006, deadline because of disputes with contractors, didn't identify the bidders. Today's share price gain lifted the Sydney-based company's market value to A$3.9 billion ($3 billion).

No firm proposal was put forward with talks to take place within the next ``few weeks,'' Multiplex said in a statement to the Australian Stock Exchange today.

``There is no guarantee that any proposal will be forthcoming,'' Multiplex said.

The approach was made to Roberts Family Nominees, which represents the holdings of the founding Roberts family. It will consider any proposal put to the Multiplex board, the company said. Andrew Roberts is Chief Executive of the company.

Multiplex shares rose 66 cents, or 16 percent, to A$4.79 at 1:45 p.m. in Sydney. The stock rose 27 percent last year after a 42 percent slump in 2005 as rising steel costs and the contractor disputes led to losses on the Wembley project.

To contact the reporter on this story: Robert Fenner in Sydney [email protected]
Last Updated: January 24, 2007 21:51 EST