Californian company Tetra Tech Inc appears to have succeeded in its offmarket takeover offer for Sydney-based geotechnical engineering company Coffey International Ltd. At the close on Monday, Tetra Tech said it had a relevant interest in 43.21% & acceptances for 8.79%, giving it a total 52% of Coffey.
Tetra Tech & Coffey executed a bid implementation agreement on 14 October, and Tetra Tech launched its formal bid at A42.5c/share on 6 November, extended to 23 December. The shares have been in a trading halt for 2 days, to be lifted this morning, for Coffey to explain resolutions relating to executive share issues passed at its annual meeting.
The trading halt request coincided with a statement from Coffey that its directors unanimously recommended Tetra Tech’s offer, subject to there being no superior offer.
Tetra Tech is provides consulting, engineering, programme management, construction management & technical services worldwide.
Attribution: Company releases.