The takeover of Australian contractor and property firm Multiplex moved a step closer after its directors recommended a £3.1bn bid by Canadian asset management firm Brookfield.
A statement by Multiplex on the £2.17-a-share bid said it had not received any other binding offers for the company since Brookfield approached the founding family in January.
It secured support for the deal from the 25.6% holding of the Roberts family last month.
A report by 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”.
Brookfield has agreed to buy the whole of Multiplex, which includes its construction, development, fund management and facilities management divisions.