Opus Shareholders presented with increased Offer
Opus International Consultants Limited (Opus) has today agreed with WSP NZ Acquisition Limited (WSP) a variation of WSP’s takeover offer in respect of Opus shares.
As varied, the effective Offer price available to shareholders is increased to $1.92 in cash per share. The $1.92 price
is made up of $1.78 from WSP and $0.14 from a dividend paid by Opus. Only shareholders holding shares on the record date
for the dividend (28 September 2017) will receive the $0.14 per share dividend payment.
Although the formal variation provided that WSP increased its Offer price to $1.85 per share, under the existing terms
of the Offer, the Offer price payable is reduced to reflect any additional dividend paid in excess of $0.07 per share.
The net result is that WSP will pay the $1.78 referred to above.
This revised price (including dividend) of $1.92 represents a 94% premium to the last trading price prior to receiving
the WSP Takeover Notice, and the Independent Directors unanimously recommend that all Opus shareholders accept the
Offer.
Alan Isaac, Chair of the Opus subcommittee of Independent Directors, says: “We are pleased with the revised offer and,
on behalf of Opus’ Independent Directors, I wish to acknowledge the constructive engagement we have had with WSP to
reach this position.”
Opus shareholders will be sent a copy of the Target Company Statement in the next few days, including the Independent
Adviser’s Report prepared by KordaMentha.
“WSP has an outstanding reputation in the global marketplace and will provide access to an even wider range of
expertise, knowledge and resource for Opus employees, our valued clients and best practice for current and future
projects,” says Mr Isaac.
Opus shareholders will have until the 27th of November 2017 to accept WSP’s increased Offer (unless the offer is
extended by WSP in accordance with the Takeovers Code). Further information relating to the revised WSP Offer is
available at https://www.nzx.com/companies/OIC.
For further details of the revised offer NZX Announcement
ENDS
Notes
Headquartered in Wellington, Opus International Consultants is a global infrastructure development and services company with more than 35 offices across New Zealand, the UK,
Australia and North America.