Devine’s independent directors have unanimously recommended a revised takeover offer from CIMIC, paving the way for the suitor to obtain full control after a lengthy and protracted battle.
The off-market, cash deal will see CIMIC, through its subsidiary CIMIC Residential Investments (CRI) offer 0.75c per share for the 49.37 per cent stake it does not already own.
That price will increase to 0.81c cash per share if CRI reaches a 90 per cent interest in the target.
It compares to Devine's closing price on Wednesday of 75c.
Devine’s independent directors will accept the offer regarding all shares which they control, in the absence of a superior proposal.
The offer deadline has been set at December 29, at 7pm AEDT.