Weir issues bid deadline reminder

1st Mar 2012 07:23

Scottish engineering group Weir is nervously awaiting the outcome of the Review Panel of the Australian Takeovers Panel regarding the bid battle for Ludowici, and has reminded the Aussie mining equipment supplier's shareholders that its offer will remain open for acceptance until six hours past the publication of the Panel's verdict.Weir recently went formal with its offer, matching an increased A$10 a share offer for Ludowici by Danish rival FLSmidth, after it initially offered A$7.20 a share.Weir cried foul when the Danish outfit then increased the offer to A$11 per share claiming that it had previously indicated that its first offer was final and would not be increased. FLSmidth however claims that it had the right to raise its original offer.The Takeovers Panel has been given the task of sorting out the mess and determining whether the improved FLSmidth bid can proceed. jh