Directors recomends £1.82bn takeover for Wembley contractor by Canadian asset management group

The takeover of Australian property and construction group Multiplex Group took a step closer today when directors formally recommended a bid by Canadian firm Brookfield.

White City shopping scheme CAD
Multiplex is currently developing the White City shopping centre

A statement by Multiplex on the £2.17-a-share bid said it had not received any other binding offers for the company, which built the new Wembley stadium, since Brookfield approached the founding family in January, securing the support for the Roberts’ 25.6% holding last month.

A report by an independent valuation firm Samuel and Associates, which was included in the statement, said the Brookfield bid “represents fair value in a change of control transaction”. Multiplex's other high profile schemes include the new White City shopping centre and a new PFI hospital in Peterborough.