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Leighton Holdings Limited (ASX:LEI) parent company Hochtief has launched a $1.15 billion conditional cash takeover bid for the Australian construction giant.
The German construction company is a 58.8 per cent controlling shareholder and has offered Leighton shareholders $22.15 per share in a bid to boost its stake and board representation.
The conditional, proportional off-market offer is to acquire 3 out of every 8 shares held by other Leighton shareholders.
If all shareholders accept the offer Hochtief will lift its interest in Leighton to 74.23 per cent, pending the green light from Australia’s Treasurer.
Today’s announcement comes after Leighton told the ASX it was unaware of any reason which caused the company’s stock price to spike at the end of last week.
Leighton Holdings improved its net profit by 13 per cent to $469 million in the full 2013 calendar year.
