ACS Ups Bid For Germany's Hochtief To €5B

Law360, New York (December 15, 2010, 7:24 PM EST) -- Spanish construction giant Actividades de Construccion y Servicios SA upped the ante Wednesday in its bid to take over Germany’s Hochtief AG, releasing a new €4.97 billion ($6.6 billion) offer only hours after Hochtief's board advised its shareholders to reject the old offer.

Under the terms of the new deal, Hochtief shareholders will receive nine ACS shares for every five Hochtief shares, instead of the eight-for-five that had been previously offered, according to a statement from ACS. Each Hochtief share would also be valued at €64.49...
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