Multiplex stalked by mystery bidder

Wembley contractor Multiplex revealed this morning it has been approached as a takeover target by a mystery buyer.

The builder told the Australian Stock Exchange that it would begin discussions in the next few weeks on the details of the deal.

It stressed that it currently had no knowledge of the proposals on the table and that there was no guarantee there would be an offer for the company.

Multiplex has already lost £200m on the doomed Wembley Stadium and is currently locked in legal battles with subcontractors and engineers on the project over delays and cost overruns.

The secret bidder has held preliminary discussions with Roberts Family Nominees, the group’s largest security holder. RFN said no firm proposal had been put on the table in those discussions.

It said it had requested that any offer be submitted to the board of Multiplex and then it would consider the deal.

Multiplex said it would establish “appropriate protocols” to continue discussions on the bid, given the position of Andrew Roberts and Tim Roberts as directors. The two are also executives, along with their sister Denby.

In December last year, an Australian newspaper reported that Multiplex shareholders were preparing to sue the company for failing to keep them properly informed about the problems it was experiencing on Wembley.

The paper said that shareholders were launching a 100m Australian dollar (£40m) claim.

Multiplex said that no proceedings had been served against it so far.