WorleyParsons clarifies Dar Group share acquisition

Australian LNG engineering company WorleyParsons clarified the recent acquisition of the company’s shares by Dar Al-Handasah Consultants Shair and Partners Holdings (Dar Group).

On February 27, Dubai-based Dar Group informed it has acquired a 13.45 percent stake in WorleyParsons adding it intends to purchase additional shareholding in the company.

On March 2, WorleyParsons was informed by Dar Group that it reserves the right to increase its overall economic exposure in the company to 19.9 percent in the near term, the Australian company said in a filing to the stock exchange.

This follows WorleyParsons concluding that a confidential, highly conditional, indicative proposal to acquire all of the shares in the company by way of a scheme of arrangement for cash consideration of A$11.80 per WorleyParsons share, received on November 14, 2016, materially undervalued the company and was not in the best interests of shareholders.

The company rejected assertions that it did not engage with Dar Group in relation to the proposal but communicated the board’s view regarding the initial proposal materially undervaluing the company and the high level of conditionality.

WorleyParsons informed Dar Group that it remained open to considering an improved proposal.