Canada's WSP crosses 90% threshold to mop up remaining Opus shares

WSP Global Inc, a Canadian listed consultancy firm, has crossed the 90 percent threshold needed to enforce mop-up provisions in its takeover bid for local engineering firm Opus International Consultants, meaning it just needs regulatory approval to close the deal.

The Canadian consultancy lifted its stake to 90.7 percent from 89.5 percent according to documents filed to the stock exchange. WSP mounted a takeover in August after extended negotiations with Malaysian Stock Exchange-listed UEM Edgenta Bhd, which owns 61.2 percent of Opus International. It lifted its offer price to $1.92 a month later to accommodate a dividend payment.

Three institutional shareholders - Accident Compensation Corp, Salt Asset Management and Aspiring Asset Management - who between them hold 9.4 percent of Opus International, joined UEM Edgenta in signing a lock-up deal with WSP, meaning it started the process with acceptances totalling 70.6 percent.

WSP has previously said it will exercise its statutory right to compulsory acquire the remaining shares once it crosses the 90 percent threshold.

The takeover offer remains subject to the satisfaction or waiver of certain conditions, including the consent of the Overseas Investment Office which was applied for on Aug. 22, Opus said.

Opus shares last traded at $1.76 and have gained 123 percent in the past 12 months.

(BusinessDesk)


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7278 -0.0010 -0.14%
AUD 0.9111 0.0001 0.01%
EUR 0.5956 0.0012 0.20%
GBP 0.5252 0.0004 0.08%
HKD 5.6912 -0.0059 -0.10%
JPY 80.6360 -0.0370 -0.05%

Commods

Commodity Price Change Time
Gold Index 1331.0 4.850 2018-01-19T00:
Oil Brent 68.6 -0.710 2018-01-19T00:
Oil Nymex 63.4 -0.580 2018-01-19T00:
Silver Index 17.0 0.090 2018-01-19T00:

Indices

Symbol Open High Last %
NASDAQ 7312.0 7336.4 7296.1 0.55%
DJI 25987.3 26071.7 26017.8 0.21%