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MMA Offshore (ASX:MRM) has received a takeover bid for $2.60 per share from Cyan Renewables, part of the larger Seraya Partners portfolio.
Seraya describes itself as an Asian facing fund manager where Cyan, headquartered in Singapore, is aiming to oversee ‘$1B of vessels.’ MMA has recommended that shareholders approve the proposal.
Cyan is striving to pick up 100% of MMA’s shares through a scheme of arrangement.
Each MMA shareholder is set to receive $2.60 per share held in return for the takeover; at lunchtime on Monday shares had risen $10.85% to $2.60 to match the price.
Before that intraday move the deal reflected 31% premium to the 90 day average price of $1.98/sh as at 22 March 2024. (The price closed at $2.35/sh on Friday.)
Cyan reports it will retain MMA’s existing staff and to “grow MMA’s expertise” to expand further into offshore wind.
“Cyan intends to retain MMA’s workforce, clients, sites and contracts and to invest capital in growing the business. MMA provides Cyan with exposure to Asia and, importantly, Australia as Cyan pursues equity investment to create a leading global energy transition-focused offshore marine business,” MMA Chairman Ian Macliver said on Monday.
“We believe Cyan’s offer provides compelling value for MMA today … we have been in discussions with Cyan since October 2023 and the Board has now reached the required level of confidence.”
Shareholders must approve the deal; all of MMA’s Directors are on board.
MRM last traded at $2.60/sh.
