FLSmidth (OMX: FLS) has raised its offer for Ludowici as it tries to outduel Weir group to land the Australian coal mining equipment maker. The price corresponds to an enterprise value of around 388 million AUD (~2.34 billion NOK)
Weir has shown some gamesmanship and hiked its offer to match FLSmidth’s earlier offer of 10 AUD a share conditional on FLSmidth being held to “no increase statement” by the Australian Takeovers Panel.
Weir was able to do due diligence after first making a non-binding rival bid after FLSmdth’s first offer of 7.2 AUD and said that due diligence has shown that Ludowici is an attractive opportunity. FLSmidth’s latest offer is on similar conditions as the previous one.
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