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PCH told the market on Friday that its shareholders had committed over 90% of its total issue stock to Cape, meaning it is entitled to proceed with a compulsory acquisition.
As a result, the $247 million bid, which breaks down to $1.40 per share, is scheduled to close by next Thursday, if the remaining shareholders have not accepted
Cape has been busy in recent months with Australian acquisitions, including Western Australian company TCC Group in August and Victorian company Concept Hire in September.
Cape chief executive Martin May said the combination of Cape and PCH, along with Cape’s other recent acquisitions, would create a business with scale within Cape’s Far East-Pacific Rim region and a strong position in the buoyant Australian market.
He said this latest acquisition also increased Cape's presence and abilities within its Middle East-Gulf and CIS-Caspian regions.
