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

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

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Event-Driven

<ul><li>Private equity group Crescent Capital Partners announced that it had increased its proportional takeover offer for Cardno from AUD 3.15 per share to AUD 3.45 per share, representing an increase of 10%.</li><li>The cash offer is unconditional and applies to 50% of Cardno's shares on issue, enabling shareholders to benefit from any upside flowing from operational improvements undertaken by private equity involvement. The board has endorsed the offer, and at the same time, has agreed to a transition plan, whereby four new directors will be appointed assuming Crescent Capital holds at least 30% of shares on issue.</li><li>We support the offer, which delivers certainty amid a risky turnaround strategy and sits at a premium to our AUD 3.20 fair value estimate. We recommend that shareholders accept the offer.&nbsp;</li></ul>Analysts:&nbsp;Tim Mann &amp;&nbsp;Ross MacMillanFull report below the fold...

Private equity group Crescent Capital Partners announced that it had increased its proportional takeover offer for Cardno from AUD 3.15 per share to AUD 3.45 per share, representing an increase of 10%.The cash offer is unconditional and applies to 50% of Cardno's shares on issue, enabling shareholders to benefit from any upside flowing from operational improvements undertaken by private equity involvement. The board has endorsed the offer, and at the same time, has agreed to a transition plan, whereby four new directors will be appointed assuming Crescent Capital holds at least 30% of shares on issue.We support the offer, which delivers certainty amid a risky turnaround strategy and sits at a premium to our AUD 3.20 fair value estimate. We recommend that shareholders accept the offer.&nbsp;Analysts:&nbsp;Tim Mann &amp;&nbsp;Ross MacMillanFull report below the fold...

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

Cardno Ltd

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