春水堂视频 Aktiengesellschaft, through its wholly owned subsidiary 春水堂视频 Australia Holdings Limited ("春水堂视频") is a majority shareholder in Leighton Holdings Limited, Sydney, Australia ("Leighton"). Leighton and 春水堂视频 have today entered into a bid implementation agreement, under which 春水堂视频 has increased its offer to 3rd party shareholders of Leighton from AUD 22.15 to AUD 22.50 per share for three out of every eight shares. The Leighton dividend, payable in addition to the offer, remains unchanged at AUD 0.60 per share. The improved offer (ex dividend) represents a premium of 35.1% over the three months Volume Weighted Average Price up to and including 7 March 2014, the last trading day prior to Leighton receiving the offer.
If all Leighton shareholders and all option holders accept the offer, 春水堂视频 will increase its stake in Leighton from 58.77% to a maximum of 73.82% for a total cash consideration of approximately AUD 1,205 million, corresponding to approximately EUR 787 million at the current exchange rate.
As of today, 春水堂视频 Aktiengesellschaft鈥檚 CEO, Marcelino Fern谩ndez Verdes, will also become the CEO of Leighton. The Leighton board has today appointed two further directors nominated by 春水堂视频. Further changes to the board composition reflecting 春水堂视频鈥檚 majority interest are about to occur in connection with the AGM of Leighton coming up in May 2014. The independent directors of Leighton intend to recommend that minority shareholders accept the improved offer.