Brickworks Limited (ASX:BKW) has recommended shareholders vote against a $2.2 billion proposal to unwind its cross-ownership structure with Washington H. Soul Pattinson and Co Limited (ASX:SOL).
Brickworks says the proposal from Perpetual Investment Management and MH Carnegie & Co has a significant potential tax liability.
The company says it has not received information requested from Perpetual and Carnegie and is concerned shareholders are being pressured into making a hasty decision.
Brickworks also says shareholders need to consider an independent expert's report, which will not be available before a scheduled general meeting.
Brickworks generated a net profit of $85.2 million in fiscal 2013.
BKW Price at posting:
$13.80 Sentiment: None Disclosure: Held
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