I also blame the media for digging as much dirt on Cimic as it can to the detriment of Cimic shareholders.
From AFR again:
“It’s the end of an era for a storied Australian construction company and a disappointing outcome for stoic minority shareholders given our view Hochtief’s bid materially undervalues Cimic,” Morningstar said, pointing out that Cimic’s shares had traded as high as $60 in late 2007 and at about $52 in late 2017.
“Mis-steps and COVID-19 saw the shares plumb $16 levels in January this year and by then, 78.6 per cent shareholder Hochtief saw an opportunity too good to ignore,” Morningstar said.
CIM Price at posting:
$22.03 Sentiment: Buy Disclosure: Held
