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CEDAR Woods has paid $18 million for a 273-hectare development site, offloaded by the Department of Defence. The former Bushmead

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Cedar Woods Rejects $310 Million Takeover Offer

March 23, 2011 Marc Pallisco Cedar Woods, Takeover

CEDAR Woods Properties has rejected a $310 million takeover offer, saying that purchase price undervalued the company.

The company confirmed a third party has offered $5.05 per share before being told it was “insufficient”.

“The Cedar Woods’ board has consistently stated that it believes the current (market) value of the company’s projects to be substantially above the value reflected in its share price,” it is reported as saying in The Australian.