Spanish construction company ACS has increased its takeover bid for Leighton Holdings Ltd's (ASX:LEI) majority shareholder Hochtief, a few hours after the German builder recommended that shareholders reject its offer.
ACS said it is raising its offer by 12.5 per cent after Hochtief said its initial bid of $3.62 billion was not 'adequate from a financial perspective.'
The acceptance period is due to end on December 29 and ACS says it is confident it will succeed following the increased offer.
For the year ended 30 June 2010, Leighton generated a net profit of $615 million.
LEI Price at posting:
$32.48 Sentiment: None Disclosure: Held
