Author: Leon Hinde

HOCHTIEF ANNOUNCES UNCONDITIONAL AND FINAL ALL-CASH $22.00 PER SHARE
TAKEOVER OFFER FOR ALL REMAINING SHARES IN CIMIC.

We’ve been bullish on CIMIC for two reasons, firstly the inflection point in earnings and an improving balance sheet, second, the prospect of their parent company making a full takeover. As it turns out, just as the inflection point in earnings was reached in the 1H22 results and the company guided towards growth in the second half, the takeover bid has been announced. It will be interesting to see if this is enough to get the deal done.

CIMIC was among our top 5 holdings in the high conviction portfolio and in our Class A equities fund. We’ll look to take profit and reallocate the funds elsewhere and take advantage of the value on offer in other names.

Here is the snippet from our blog post on 2 Feb 2022…

HOCHTIEF ANNOUNCES UNCONDITIONAL AND FINAL ALL-CASH $22.00 PER SHARE
TAKEOVER OFFER FOR ALL REMAINING SHARES IN CIMIC.

We’ve been bullish on CIMIC for two reasons, firstly the inflection point in earnings and an improving balance sheet, second, the prospect of their parent company making a full takeover. As it turns out, just as the inflection point in earnings was reached in the 1H22 results and the company guided towards growth in the second half, the takeover bid has been announced. It will be interesting to see if this is enough to get the deal done.

CIMIC was among our top 5 holdings in the high conviction portfolio and in our Class A equities fund. We’ll look to take profit and reallocate the funds elsewhere and take advantage of the value on offer in other names.

Here is the snippet from our blog post on 2 Feb 2022…