Home Business Australia’s NRW Holdings says MACA rebuffs $260 mln buyout offer

Australia’s NRW Holdings says MACA rebuffs $260 mln buyout offer

2 min read
Comments Off on Australia’s NRW Holdings says MACA rebuffs $260 mln buyout offer

Article content

Australian mining services provider NRW Holdings Ltd on Thursday said smaller peer MACA Ltd rebuffed its takeover offer as it plans to proceed with a proposal from rival contractor Thiess.

Last week, NRW Holdings made a cash-and-stock offer of A$1.085 per share, a premium of 8.5% to MACA’s last close on Aug 17, valuing it at A$375 million ($259.46 million).

However, MACA does not consider that offer to be superior to Thiess’ A$1.025 apiece all-cash takeover proposal made late-July, which valued it at A$350 million, the miner said. (https://bit.ly/3Se1pCD)

Article content

NRW said it received a correspondence from MACA that it does not plan to engage further on the merger proposal.

“We are disappointed that the board of MACA has indicated that it is not willing to entertain our compelling proposal,” NRW Managing Director Jules Pemberton said.

Thiess, a Brisbane-based mining services firm owned 50% by CIMIC Group, late last month said MACA’s board had unanimously recommended shareholders to accept its offer to take the firm privte.

MACA and Thiess did not immediately respond to a Reuters request for comment.

($1 = 1.4438 Australian dollars) (Reporting by Jaskiran Singh in Bengaluru Editing by Dhanya Ann Thoppil)

Source link

Load More Related Articles
Load More By 
Load More In Business
Comments are closed.

Check Also

year JGB yield falls, longer-term notes keep rising

Article content TOKYO — The Japanese government bond market moved in mixed directions on W…