South African contractor Murray & Roberts has made a bid to buy engineering and project services company Clough Ltd, by nabbing the roughly 40% stake in the group it does not already own.
M&R, which owns 61.6% of Clough, has made a conditional $1.46 per share offer for the remaining stake in the group. Clough's shares closed at $1.12 last night.
In June, Clough upgraded its fiscal 2013 earnings before interest and tax forecast to $90 million on revenue of $1.5 billion, on the back of a strong quarterly performance and cost-saving measures.
Fiscal 2014 revenue was tipped at $1.35 billion.