Offeror(s): AECOM Technology Corporation

Independent Adviser(s): Deloitte Corporate Finance (Rule 21)

Offer Date: 01/07/2002

Closing Date: 31/07/2002

Offer Type: Full

 

On 10 April 2002, AECOM Technology Corporation (“AECOM”), a Los-Angeles based company, announced its intention to acquire 100% of the shares of Meritec Group Limited (“Meritec”).

 On 1 July 2002, AECOM made a full offer for all of the fully paid ordinary shares in Meritec. Contingent on a successful takeover, AECOM and Meritec would merge and prepare for an initial public offering on the New York Stock Exchange.

 

AECOM offered Meritec’s shareholders the option of three different types of consideration, namely: a cash payment of $NZ5.40 per share; an equivalent allotment of shares in the common stock of AECOM; or a combination of both. Meritec’s shareholders accepting the offer of AECOM shares would be subject to sales restrictions imposed by United States securities laws.

 

On 17 July 2002, AECOM issued a notice of variation in respect of its offer, changing the value ascribed to AECOM shares under the scrip alternative component of the offer.

 

On 8 August 2002, AECOM declared the offer unconditional and gave notice of 100% ownership of Meritec shares.

 

Deloitte Corporate Finance prepared a rule 21 independent adviser’s report on the merits of the offer. Its report included an evaluation of the impact of accepting AECOM shares as consideration of Meritec shares. This included the value of AECOM shares and the risks associated with owning the shares.