PERTH (miningweekly.com) – ASX-listed Cimic Group has divested its 23.64% shareholding in fellow listed Macmahon Holdings after a failed takeover attempt.
Macmahon in March this year rejected a takeover offer by Cimic of A$0.145 a share, with Macmahon instead opting for a deal with Indonesia’s PT Amman Mineral Nusa Tenggara, which saw the Indonesian company gain a 44.3% foothold in Macmahon.
Cimic on Thursday told shareholders that it had sold its Macmahon shares at a price of A$0.165 each, raising a total of A$46.85-million.
The transaction was achieved at a 65% premium to the three-month volume weighted average price of Macmahon shares as at January 23, which was the day prior to Cimic making its takeover offer.