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July 21, 2009

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Home » Business » Energy

Directors recommend takeover by AMEC

DIRECTORS of Australian mine engineering company GRD Ltd yesterday urged shareholders to accept a A$106 million (US$86 million) takeover offer from London-based AMEC Plc.

AMEC, a project management services company, is offering 55 Australian cents cash per share for GRD, a resources industry contracting business based in the Australian west coast city of Perth. GRD is involved in engineering, construction and maintenance projects in Australia, Africa, South America and the United Kingdom.

The takeover is subject to GRD shareholder approval at a meeting yet to be scheduled.

The offer is a 34 percent premium to GRD's closing share price of 41 cents on June 10, the last trading day before AMEC made a nonbinding takeover offer. GRD shares closed last Friday at 49.5 cents.

"The board believes the cash offer from AMEC represents a good opportunity for GRD shareholders to realize value and secure an attractive premium in an uncertain market environment," GRD Chairman Richard Court said in a statement.


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