On 13 March 2014, HOCHTIEF entered into a Bid Implementation Agreement with the off-market proportional offer to Leighton shareholders to $22.50 per share for three out of eight shares. If all Leighton option holders exercise the options and accept the offer, HOCHITEF will increase its stake in Leighton to a maximum of 73.82% for a total cash consideration of approximately $1,205 million (ASX Announcement).
- Bidder Company: HOCHTIEF Australia Holdings Ltd
- Target Company: Leighton Holdings Ltd (LEI)
- Consideration: $22.50 Cash for three out of every eight shares held
- CGT Rollover Relief: No
Class currently does not have functionality supporting the partial takeover (which is a highly unusual) transaction.
If your client participated in the partial takeover, the Share Registry will cancel their shares and compensate them with a cheque and/or deposited into their bank account. It is regarded as proceeds from the sale.
It will be straightforward Listed Security Disposal @$22.50 per share, CGT date will be the date you accepted the offer to dispose of your Leighton shares. Cash consideration in a takeover does not get CGT relief and it will crystallise any capital gains or losses.