Fletcher Building has gained its targeted 90%-plus stake in rival Australian company Crane Group, in its more than $1 billion hostile takeover bid.
Craigs Investment Partners broker Peter McIntyre said the deal was now "done and dusted", with the remaining shares to be compulsorily acquired by Fletcher.
Fletcher had made a revised offer of $A10.07 ($NZ13.68) per Crane share, comprised of Fletcher script and cash, valued in total about $A800 million for Crane, which manufactures and supplies plumbing goods, in-cluding plastic pipe.
On gaining a 57% stake, Fletcher had waived its 90% minimum requirement of shareholder acceptances as two tranches of shares, of 7.3% owned by Tyndall Investments and 3.5% from the institutional acceptance facility, had also indicated forthcoming acceptance.
