- MACA (MLD) receives a $350 million cash takeover bid from Thiess Group Investments
- Thiess has offered just over $1 for each MACA share, a 28.1 per cent premium to its last closing price on July 25
- The company says Thiess approached it with a “compelling offer at an attractive price” and MACA directors intend to accept the offer and recommend shareholders to do the same
- The deal is subject to approval from the Foreign Investment Review Board and the Australian Competition and Consumer Commission and will need at least 90 per cent to vote in favour
- MLD shares are up 22.5 per cent to trade at 98 cents each as of 2:19 pm AEST
MACA (MLD) has received a $350 million takeover bid from Thiess Group Investments.
Thiess, jointly owned by construction company CIMIC and US hedge fund Elliot Management, entered a bid implementation deed with MACA as part of its strategy to diversify its operations.
In line with this, Thiess offered $1.025 for each MACA share which represents a 28.1 per cent premium to MLD’s last closing price on July 25.
MACA Non-Executive Chairman and Co-Founder Geoff Baker said Thiess approached the company with a “compelling offer at an attractive price.”
“The Board of MACA believes that Thiess is the right partner for the MACA business, with similar values and a desire to enhance services to our clients, and to carry on the
community and charity engagement initiatives of which MACA is so proud,” he said.
“Thiess will continue investing in our respected brand and will seek to provide additional development opportunities for our people as part of its national and international operations.”
MACA directors intend to accept the offer from Thiess and unanimously recommends its shareholders to do the same. The takeover offer will need at least 90 per cent acceptance for the acquisition to go ahead.
The deal is subject to approval from the Foreign Investment Review Board and the Australian Competition and Consumer Commission.
MACA shareholders do not need to take any action in relation to the offer at this stage, the company said it will keep them informed as the offer progresses.
On the market, MLD shares were up 22.5 per cent to trade at 98 cents each as of 2:19 pm AEST.