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SEYMOUR Whyte (ASX:SWL) is the subject of a takeover offer from French construction giant VINCI.
The Brisbane-based engineering firm is trading up 24 per cent $1.37 per share at 12pm AEDT after releasing the details of the offer to the ASX.
The indicative, non-binding and conditional proposal proposes a price range of $1.36-$1.43 per share, a premium on Seymour Whyte's price of $1.00 per share at close on Monday, 13 March.
In addition, the proposal may include a special dividend to unlock Seymour Whyte's franking credit balance of $17.8 million.
In the statement today, Seymour Whyte says it is in the value of its shareholders to progress the deal by providing VINCI access to due diligence information.
The company has agreed to a period of exclusivity with VINCI to allow it to undertake this due diligence.
The indicative proposal is subject to several conditions, including access to due diligence, retention of management and relevant regulatory approvals.
Seymour Whyte undertook a strategic review process in November 2016 in light of the company's share price performance and also an unsolicited approach it received in relation to a "potential corporate transaction".
The process included discussions with several industry participants, including VINCI, and the proposal was received through this proposal.
Investec Australia Limited and Corrs Chambers Westgarth have been appointed as Seymour Whyte's financial and legal advisers.
Business News Australia
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