Leighton takeover offer

The Spanish are coming. Leighton Holdings’ Spanish-controlled major shareholder Hochtief has flexed its muscles, tearing up a standstill agreement that prevented it exercising control. Two new Hochtief-aligned directors have joined the board and Leighton’s chief executive and chief financial officers were sacked. Both positions have been filled by Hochtief nominees. Hochtief has also launched an unusual proportional takeover bid, offering $22.50 a share for 37.5% of your Leighton shareholding. If all shareholders accept, as Leighton’s independent directors recommend, Hochtief’s holding will increase from 59% to 74%. So what should you do? We’ve correctly recommended you Avoid Leighton for more...

The Spanish are coming. Leighton Holdings’ Spanish-controlled major shareholder Hochtief has flexed its muscles, tearing up a standstill agreement that prevented it exercising control. Two new Hochtief-aligned directors have joined the board and Leighton’s chief executive and chief financial officers were sacked. Both positions have been filled by Hochtief nominees.

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