BESIX Group (“BESIX”) is pleased to announce that it will proceed with compulsory acquisition of all remaining Watpac shares.
Following BESIX’s successful unconditional takeover offer which closed on 3 December 2018, BESIX now holds 91.85% of all Watpac shares. BESIX is now able to proceed under the Corporations Act 2001 (Australia) to compulsorily acquire of all remaining Watpac shares it does not own.
BESIX intends to exercise its compulsory acquisition rights and will acquire all remaining Watpac shares on the same terms as its takeover offer – i.e. at $0.92 for each Watpac share.
On currently anticipated timings, Watpac’s shares will be suspended from trading in a few weeks’ time. In accordance with its usual processes, the Australian Stock Exchange will remove Watpac from the official list of stock-listed companies at the closing of trading on a date to be determined (but which is likely to be shortly after the suspension of trading of Watpac’s shares).
[Further information is set out in the notice of compulsory acquisition (http://www.watpac.com.au/workspace/attachments/181206_besix-end-of-offer-announcement.pdf).