In December 2010, Fletcher Building Limited ("Fletcher Building") announced a proposal to acquire all of the ordinary shares it does not already own in Crane Group Limited ("Crane").
The proposed offer comprised one Fletcher Building share and A$3.50 in cash for each Crane share ("Revised Offer"). The Revised Offer was made by Fletcher Building (Australia) Pty Limited, a wholly owned subsidiary of Fletcher Building, and was conditional on, among other things, the acquisition of 90 percent of Crane shares.
Fletcher Building announced on 30 March 2011 that it had gained a 92.7 percent relevant interest in Crane and began with the compulsory acquisition of the shares in Crane which it does not own. On 6 May 2011, Fletcher Building had completed the compulsory acquisition of the shares in Crane and owned 100 percent of the shares.