Residential property developer Devine has signalled that it is willing to accept an increased takeover offer from construction giant CIMIC.
CIMIC has increased its offer to 81 cents a share from the offer of 74 cents a share it made last month.
The offer is higher than Devine's closing share price on Wednesday of 75.5 cents.
CIMIC is aiming to buy the 49.37 per cent of Devine it does not already own.
Devine, who has been in negotiations with CIMIC will issued a target's statement on Thursday, in which Devine's independent directors will unanimously recommend that shareholders accept the revised Offer in the absence of a superior proposal.
The statement will also include an independent report by KPMG that will say the offer is not fair but reasonable to Devine shareholders.
Devine urges shareholders to read the target's statement before taking any action in relation to the offer.
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