Listed construction group Wilson Bayly Holmes-Ovcon (WBHO) has made an all-share takeover offer for rival listed construction company Concor at a ratio of 1 WBHO share for every 1.5 Concor shares, the companies announced on Monday.

Concor confirmed it had received a firm intention to make an offer from WBHO to acquire all of the issued shares of Concor, other than 100 shares of Concor already held by a WBHO subsidiary.

Concor has a market capitalisation of some R280.3 million. Its shares are currently trading at R21.00 per share, and were unmoved so far on the news.

Meanwhile, WBHO has a market capitalisation of 1.58 billion rand. Its shares were also unchanged on the news, last quoted at 28.50 rand on the JSE Securities Exchange SA.

The offer is subject to the fulfillment of several conditions precedent, including the completion of a due diligence investigation and the requisite regulatory and competition approvals.