Singapore-based crane rental company Tat Hong Holdings, which already owns 70 percent of the shares of Australian crane rental company Tutt Bryant, is moving to acquire the remaining 30 percent of the company with an offer of AU $0.92 per share. If accepted, the acquisition would value Tutt Bryant at about AU$132 million.
Tutt Bryant said that directors independent of Tat Hong unanimously recommended that shareholders accept the offer in the absence of a higher offer. Tutt Bryant has recently been expanding having opened three new branches in April.
In February, Tutt Bryant formed a joint venture with Italian lift specialist Fagioli to enhance its business in the growing Australian resources sector, especially in Western Australia and Queensland.