Cardno's Strategic Review Puts Focus on Asset Sales and Reducing Gearing

Crescent Capital Increases Proportional Takeover Offer for Cardno to AUD 3.45 per share; Accept

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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

Cardno Ltd

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