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Don't Suppose this is still on the table ?

Cardno directors told shareholders today to reject a $215m offer from Crescent Capital Partners' investment arm for a majority stake in the troubled company, labelling the bid opportunistic in light of the company's share price weakness amid challenging market conditions.

Sydney-based Crescent, which has a 19.62 per cent stake in the firm, had said its holding would rise to 58.9 per cent if all Cardno shareholders take up the offer, allowing it to pursue plans to halt dividend payments and rebuild shareholder value.


Crescent is offering to buy one of every two Cardno shares at $3.15 each. Cardno said its independent expert, Lonergan Edwards & Associates, valued the stock between $3.74 and $4.13 per share.