Cimic resurrects takeover bid for Devine with $15.6m offer

The Devine Group’s biggest minority shareholder, Brazil Farming, is expected to accept a new $15.6 million takeover offer from construction group Cimic unless a higher bid is put on the table for the residential property company.

Queensland farmer and philanthropist Lyn Brazil, founder of Brazil Farming, told The Australian Financial Review that his company, which owns 20.55 per cent of Devine, would accept Cimic’s new offer of 24¢ per Devine share “unless someone comes up with something better”.