Multiplex in Bid Talks for $900M Takeover

SYDNEY-Australian property developer Multiplex is weighing up a A$1.26 billion ($900 million) takeover of rival Ronin Property. The two companies today halted trading on the stock exchanged and confirmed merger talks were in process but declined to disclose any details.

Shares in Ronin, which has specialized in office development in Australia and New Zealand and runs a property trust, slipped 1.6% before trading was stopped, valuing its equity at A$1.26 billion ($900 million). The shares had risen 3.3% during the week on speculation that it would become a takeover target.

Multiplex shares edged up 0.8% at A$3.67 before trading was halted, putting its market value at A$2 billion ($1.4 billion). The company, which is building London’s Wembley Stadium, says it will submit the merger proposal by next Tuesday.