Shares in Cimic Group Ltd (ASX: CIM) have opened the session at $22.01 apiece on Tuesday after starting the week in the red.
Whilst there's been nothing out of Cimic's camp today, it did update the market via a company announcement regarding its target's statement in response to a takeover offer on Monday.
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What's going on with Cimic shares?
The company announced that it has released its target statement in response to the off-market takeover offer by German construction group, Hochtief Australia Holdings Ltd.
Hochtief AG (FRA: HOT), the holding company's chief, made the offer in February at an offer price of $22 cash per share.
It already owns a 78.58% stake in the company. If successful, this transaction would mean Hotchief will acquire all the remaining shares of Cimic it doesn't already own.
Cimic says that after it received the offer, it appointed an Independent Board Committee (IBC), comprising independent directors Russell Chenu and Kate Spargo, "with responsibility for considering, evaluating and responding to the offer."
Afterwards, the IRC appointed an independent expert to assess the offer and determine if it was in the best interests of stakeholders.
"The Independent Expert has concluded that the Offer is fair and reasonable to Cimic Shareholders other than Hochtief Australia," the release notes.
"The Independent Expert has assessed the estimated market value of Cimic Shares on a controlling and 100% basis to be in the range of $19.26 and $25.05 per Cimic share," it added.
Cimic also stated the target's statement has or will be sent to Hochtief and lodged with the Australian Securities and Investments Commission (ASIC) on Monday.
Cimic share price snapshot
In the past 12 months, the Cimic share price has crept up by 23% and is now soaring 30% higher this year to date.
During the past month, shares have slipped into the red and trade less than 1% down in the past week.
