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BRIEF-Worleyparsons confirms it received a confidential proposal from Dar Group to acquire all of shares in co

Published 28/02/2017, 09:13 am
BRIEF-Worleyparsons confirms it received a confidential proposal from Dar Group to acquire all of shares in co
WOR
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Feb 28 (Reuters) - Worleyparsons Ltd WOR.AX

* Response to press reports today-wor.ax

* Refers to acquisition of shares in Worleyparsons by Dar Al-Handasah Consultants Shair And Partners Limited

* "Increased its cost reduction targets to a total of $450 million"

* Board therefore determined that proposal was not in best interests of shareholders and advised Dar Group accordingly

* Full impact of cost reductions and improving market conditions are not reflected in current earnings

* Confirms it received a confidential proposal on 14 November 2016 from Dar Group to acquire all of shares in company for cash consideration of a$11.80 per share Source text for Eikon: ID:nASX4jHZVF Further company coverage: WOR.AX

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