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Shares in mining services company Ludowici Limited (ASX:LDW) closed slightly lower at the end of last week after news that bidder FLSmidth was ordered to compensate Ludowici shareholders.
The Takeovers Panel ordered Danish engineering group FLSmidth to reimburse eligible shareholders after it announced it would not raise its bid beyond $7.20 per share to acquire Ludowici.
FLSmidth raised its bid to $11.00 per share in late February after rival bidder Weir Group offered $10 per share for Ludowici.
FLSmidth is applying to have the compensation order reviewed.
In the full year to December 31, 2011 Ludowici posted a net profit of $10.7 million.
