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Update: FLSmidth raises Ludowici offer price

World Cement,

FLSmidth has increased its acquisition bid for Ludowici Ltd, Australia. The revised offer now stands at AUS$11 per Ludowici share. Aside from the share price, no further changes have been made to the terms of the Scheme Implementation Agreement set up between the two companies on 16 February 2012.

This is the second time that FLSmidth has increased its share bid price. Originally offering AUS$7.20 per share, the company raised its bid to AUS$10 following a competing offer from the Weir Group on 23 February. FLSmidth’s increased offer price is subject to permission from the Australian Takeovers Panel. Weir have made an application to the Panel requesting that, as FLSmidth’s original offer of AUS$7.20 was a final statement, the company cannot increase its bid. 

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