Opus International Consultants Limited
Transaction Type: Takeover (Full)
Offeror: WSP NZ Acquisition Limited
Independent Adviser(s): KordaMentha Limited (Rule 21)
Offer dispatch date: 30/08/2017
Offer closing date: 27/11/2017
On 14 August 2017, WSP NZ Acquisition Limited (WSP), a wholly owned subsidiary of WSP Global Inc. issued a takeover notice pursuant to rule 41 of the Code in relation to its intention to make a full takeover offer for 100% of the fully paid ordinary shares in Opus International consultants Limited (Opus) for an offer price of $1.78 per share in cash with a permitted dividend payment of 7.0 cents for an effective price assuming the dividend was declared and paid, of $1.85 per share.
On 1 September 2017, WSP announced that the offer document in respect of the WSP offer had been sent to Opus shareholders.
On 13 September 2017, WSP issued a notice of variation and increased the total effective consideration to $1.92 per share. Following this increase, the independent directors of Opus unanimously recommended to accept the increased offer.
On 13 September 2017, Opus released its target company statement along with the independent adviser’s report from KordaMentha. The valuation range assessed by KordaMentha was $1.85 to $2.15 per share.
On 27 November 2017, the offer closed. On 4 December 2017, WSP announced that it had become the dominant owner of Opus.