Campbell Brothers Ltd (ASX:CPB) has had its revised takeover for Ammtec Ltd (ASX:AEC) approved by the mineral testing and consulting service.
Under the revised offer, Ammtec shareholders will receive an increase of 5 cents to $3.85 for each share they own, or four Campbell Brothers shares for every 33 they own.
Campbell Brothers has also agreed to allow Ammtec to pay an 11 cent fully franked dividend for the 2010 financial year, and a conditional 10 cent special dividend.
The revised offer represents value for Ammtec shareholders of $4.06 under the cash offer and $4.08 under the alternative share offer, including the dividends.
Ammtec directors have unanimously recommended the revision, though it does require a 90 per cent minimum acceptance from shareholders.
Campbell Brothers reported a profit of $74.89 million for the full year ended on 31 March 2010.
CPB Price at posting:
$6.41 Sentiment: None Disclosure: Held
