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Event-Driven

Private equity group Crescent Capital, or Crescent, has announced an AUD 3.15 per share cash offer for one out of every two shares held by Cardno shareholders.The offer represents a 26% premium over Cardno's AUD 2.50 closing price and is broadly in line with our fair value of AUD 3.20 per share.In the absence of a superior proposal, we encourage shareholders to accept the offer, which would see Crescent emerge with 58.9% of the company, up from 19.6% currently.We maintain our no moat and very high uncertainty ratings on Cardno.Cardno faces at least another 12 months of weak earnings and poor returns, as a result of weak oil prices and falling resource investment impacting customer budgets, as it seeks to restructure its businessAnalyst: Tim MannSenior Analyst: Ross MacMillenFull report below the fold...&nbsp;

Private equity group Crescent Capital, or Crescent, has announced an AUD 3.15 per share cash offer for one out of every two shares held by Cardno shareholders.The offer represents a 26% premium over Cardno's AUD 2.50 closing price and is broadly in line with our fair value of AUD 3.20 per share.In the absence of a superior proposal, we encourage shareholders to accept the offer, which would see Crescent emerge with 58.9% of the company, up from 19.6% currently.We maintain our no moat and very high uncertainty ratings on Cardno.Cardno faces at least another 12 months of weak earnings and poor returns, as a result of weak oil prices and falling resource investment impacting customer budgets, as it seeks to restructure its businessAnalyst: Tim MannSenior Analyst: Ross MacMillenFull report below the fold...&nbsp;

Crescent Capital Announces AUD 3.15 Per Share Proportional Offer for Cardno; Accept

Australia

Cardno Limited is an international professional services company operating in the infrastructure and environmental sectors, for both government and private sector clients.  Cardno provides planning, engineering and environmental services within a number of market sectors including water, environment, mining and energy, coastal and ocean, buildings, land, and transportation.

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Crescent Capital Announces AUD 3.15 Per Share Proportional Offer for Cardno; Accept

Private equity group Crescent Capital, or Crescent, has announced an AUD 3.15 per share cash offer for one out of every two shares held by Cardno...

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