Cimic continues on acquisition trail with Macmahon bid
JOHANNESBURG (miningweekly.com) – Contracting group Cimic on Tuesday unveiled a planned takeover of Perth-based project house Macmahon, only months after it made a bid for engineering firm UGL.
Cimic advised Macmahon shareholders that it intended to offer A$0.145 a share for all the shares that it did not already own in the company, sending the takeover target’s stock up 31.8%, or A$0.03 a share, to A$0.14 apiece.
Cimic has been an investor in Macmahon since June 2007, and owns 20.54% of the company.
Cimic stated in a release to the ASX that the offer was unconditional and that the price, which was a 37.6% premium to the Macmahon one-month volume weighted average price, would not be increased during the offer period.
Macmahon has advised its shareholders not to take any action in relation to the offer, until the firm’s directors have issued a formal recommendation.
It is Cimic’s intention to conduct a strategic review of Macmahon’s business to drive operational efficiencies and improvements to projects and to identify ways in which both companies could benefit from their complementary skills and capabilities. The company further plans to reconstitute Macmahon’s board and will seek to remove Macmahon from the official list of the ASX.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation