18 Feb 2011

Fletchers pushes out Crane takeover offer

1:31 pm on 18 February 2011

Fletcher Building has extended its takeover offer for Australian building and plumbing supplies company Crane Group by two weeks.

Fletchers is offering a cash and stock deal worth $AUS10.07 per share for the company, valuing the firm at almost $AUS800 million.

It already has acceptances giving it 20.11% of Crane but it needs 90% for the offer to go ahead.

Commerce Commission approval is also needed.

The offer now closes on 11 March.

Australia's competition regulator and New Zealand's Overseas Investment Office have already approved the deal.