Mubasher: Dar Group announced that it has acquired a total of 13.35% of the issued shares of WorleyParsons Limited, comprised of physical shares of 8.61% and a cash settled equity swap exposure of 4.74%.
Dar Group has acquired the stake with a long-term strategic perspective and looks forward to being a supportive shareholder, according to the company’s statement on Tuesday.
Dar Group also confirmed that it submitted an indicative proposal to acquire 100% of WorleyParsons' shares in November 2016.
The proposal’s conditions included the unanimous support of the WorleyParsons board.
The WorleyParsons board declined to engage with Dar Group on the proposal and there have been no further discussions between the parties since that time, the statement explained.
Dar Group has no present intention of initiating discussions with WorleyParsons regarding a change of control transaction.
