Mastermyne to buy unlisted service firm DMS
PERTH (miningweekly.com) – Mining contractor Mastermyne on Friday launched a A$20-million takeover of unlisted maintenance, engineering and contract miner Diversified Mining Services (DMS).
Under the terms of the offer, Mastermyne was offering DMS shareholders some 15.6-million of its own shares, valued at A$9.7-million, as well as A$10.3-million in cash.
If successful, DMS shareholders would hold a 17% interest in the combined company, post the acquisition.
Mastermyne CEO and MD Tony Caruso said on Friday that the acquisition followed an extensive due diligence and was consistent with the company’s strategy of expanding the scale and service offering provided by Mastermyne’s services division.
“DMS is a well respected service provider which will significantly increase the range of services that the Mastermyne Group can offer to the mining and other industries,” Caruso said.
DMS was expected to provide Mastermyne with a key suite of services that complemented its current offering, including a significant presence in the coal sector, a high-quality customer base and a diversified service offering.
“In addition to DMS’s record of success, we intend to leverage DMS’s customer base and maintenance expertise to the benefit of the entire Mastermyne Group and ultimately create significant value for our shareholders,” Caruso added.
The offer was subject to a number of conditions, including DMS shareholder and regulatory approval.
The DMS board had unanimously recommended the takeover offer, with the company’s largest shareholder Maui Capital, which owns some 40% of the company’s outstanding shares, also throwing its weight behind the transaction.
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