Crane takeover
The Age
Friday March 18, 2011
FLETCHER Building will immediately move to take control of Crane Group's board after declaring its $700 million takeover offer for the plumbing and building materials group unconditional.The Auckland-based group waived the 90 per cent minimum acceptance condition after amassing a majority interest of 57 per cent of Crane. Fletcher immediately appointed company executives David Worley and Paul Zuckerman to the Crane board. Fletcher chief Jonathan Ling urged remaining Crane shareholders to accept the offer, which will now close on March 31.
© 2011 The Age
