News: CIM Australia's CIMIC recommends shareholders accept Germany's Hochtief takeover bid

March 28 (Reuters) - Australia's CIMIC Group Ltd (CIM) on Monday recommended its shareholders accept the off-market offer by construction firm Hochtief AG HOTG.DE to buy the remaining 21.42% stake it does not already own in the Australian firm.

The offer, worth A$22 per share, was unanimously recommended by the company's independent board committee, which estimated value of between A$19.26 and A$25.05 a share for CIMIC shares, the company said.

The offer of A$22 per share was at a 33.4% premium to Cimic's last close on Feb. 23.

CIMIC said the independent board committee unanimously recommended shareholders accept Hochtief's offer if a superior bid is not made as the offer is "fair and reasonable to CIMIC shareholders". The independent directors intend to accept the offer for the shares they control, the company said.

The deal would make CIMIC a wholly owned unit of Hochtief and comes against the backdrop of a steep decline in CIMIC's share price, with the company working to fully exit its operations in the Middle East.

The Australian company's share price has surged about 33% since receiving Hochtief's offer.