ACS in CIMIC bid; Salt Lake Potash sale ; Wait’s over at Westpac

Good evening,

CIMIC is finally saying goodbye to the ASX boards.

After the market closed on Wednesday, Spanish giant ACS lobbed a bid to buy the CIMIC shares it did not already own.

It already sits on 75 per cent of CIMIC, thanks, in part, to creep provisions.

So, the bid was not a complete surprise, but shareholders would probably be relieved to see the 33 per cent premium – because the share price has tumbled 56 per cent over the past five years. (Also, Brookfield and Grok’s 4.7 per cent premium bid is fresh in people’s memories).

The CIMIC board is yet to recommend the offer.

Elsewhere, Salt Lake Potash has Macquarie Capital hunting for a buyer, Westpac is finally ready to mail out detailed documents for its long-touted wealth platform sale, and listed outdoor-umbrella manufacturer Gale Pacific is getting shopped around by Luminis.

Happy reading,

Anthony Macdonald, Sarah Thompson and Kanika Sood
Street Talk Editors