Cardno board rejects takeover bid from Australia's Crescent
The board of Australian engineering company Cardno has advised shareholders to reject a buyout offer from Crescent Capital Partners on the grounds that it is opportunistic and undervalues the business.
The PE firm last month said it would buy one out of every two shares - excluding the 19.62% it already owns - in Cardno at A$3.15 apiece. Having received a cash payout for half their holdings, shareholders...
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