Coffey International has agreed to a 100 per cent takeover offer from Tetra Tech.
Tetra Tech has reportedly offered $0.425 cash per share for the engineering firm, which is a 130 per cent premium on Coffey’s last traded price, and values the acquisition at around $96 million.
Coffey chairman John Mulcahy welcomed the offer.
“Tetra Tech’s offer represents better value for shareholders than the market has been prepared to pay because it delivers strong operational benefits for Tetra Tech,” Mulcahy said.
Tetra Tech was also pleased that Coffey agreed to the offer.
Coffey not only expands Tetra Tech’s geographic presence, but provides a platform for growth of our international development business with multinational aid agencies,” Tetra Tech CEO Dan Batrack said.
“In additional to Coffey’s expertise in geoservices and project management, the combined company will also provide water and environmental services to support Australia’s infrastructure expansion.”