“The Devine Group’s biggest minority shareholder, Brazil Farming, is expected to accept a new $15.6 million takeover offer from construction group Cimic unless a higher bid is put on the table for the residential property company.”
“We think we should take it,” Mr Brazil said.
Cimic, Australia’s biggest construction group, is having a second swing at buying Devine, making a new cash offer after failing to secure the whole residential property group five years ago.
Cimic’s previous offer in late 2015 was priced at 75¢ a share.
CIM Price at posting:
$21.46 Sentiment: Buy Disclosure: Held
