News: ConnectEast recommends Horizon bid

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ConnectEast Group (ASX:CEU) has recommended minority shareholders accept a more than $2 billion takeover bid from its largest shareholder CP2.



CP2 currently owns 35 percent of ConnectEast, the owner and operator of Melbourne’s EastLink tollroad.



Horizon Roads, which is managed by CP2, has proposed to pay 55 cents per security for ConnectEast.



The offer has been unanimously recommended by ConnectEast’s directors, subject to approval of an independent expert.



For the half year to December 31, 2010, ConnectEast Group reported a net loss of $2.7 million.