Steel & Tube wary of increased Fletcher bid

Sun, 14 Oct 2018

By Paul McBeth Oct. 15 (BusinessDesk) - Steel & Tube Holdings hasn't been won over by an increased takeover offer from Fletcher Building but will hire an independent expert to review the bid. Last Friday, Fletcher raised its non-binding offer to buy Steel & Tube to $1.90 per share, plus they will allow for the payment of a special dividend of 5 cents per share, from an earlier pitch of $1.70. The country's biggest listed construction company also offered to pay a $3 million break fee if it can't get approvals from the Commerce Commission...

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