News Column

Australia : Devine And Leighton agree process for potential sale

July 17, 2014

On 25 June 2014, Devine Limited (Devine or the Company) announced that Leighton Holdings Limited (Leighton) had commenced a confidential expression of interest process to seek potential investors of its 50.6% investment in Devine. In light of these events, the Board of Devine have formed the view that it is in the best interests of Devine shareholders as a whole to explore a formal sale process for all of the shares of the Company.

As a result, Devine and Leighton have entered into arrangements in relation to the sale process. The process will be administered solely by Devine and overseen by an independent board committee of Devine in consultation with Leighton and its advisers. There are no assurances that a sale of Devine will be finalised or what form the transaction (if any) will ultimately take. This will depend on, among other things, the expressions of interest received and the attractiveness of any offer for the Company. Devine has appointed Goldman Sachs as financial adviser and King & Wood Mallesons as legal adviser in connection with the process.

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Source: TendersInfo (India)

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