PERTH (miningweekly.com) – Suitor Thiess has increased its takeover offer for fellow listed MACA from A$1.025 a share in cash to A$1.075 a share, days after MACA fielded a competing offer from NRW Holdings.
Thiess and MACA have now entered into an amended deed to the bid implementation previously announced, with the revised offer price representing a 49.2% premium to MACA’s one-month volume weighted average share price on July 25, and a 4.9% increase on the initial offer price.
The MACA board has maintained its recommendations that shareholders accept the Thiess offer in the absence of a superior offer, and subject to the independent expert continuing to conclude that the Thiess offer was fair or reasonable.
MACA’s founding shareholders, including non-executive chairperson Geoff Baker, Frank Maher and James Moore have entered into written acceptance deeds with Thiess over the 9.41% combined shareholding they hold.
Director Robert Ryan has also entered into a written acceptance deed for his 0.02% shareholding in MACA.
“Thiess’ increased offer is compelling and an attractive price representing a strong premium to recent trading prices prior to the announcement of the Thiess offer,” said Baker.
“My fellow founding shareholders and my fellow MACA director, Ryan, have agreed to accept the revised offer price and have agreed not to withdraw those acceptances for the duration of the offer period. I am pleased that all MACA shareholders who accept Thiess’ offer will receive an additional 5c a share in cash compared to the initial offer price if and when Thiess’ revised offer becomes unconditional.”
The offer remains subject to certain conditions, including Foreign Investment Review Board approval, as well as 90% minimum acceptance condition.
The improved offer comes days after MACA rebuffed a A$1.085 cash and share offer from NRW Holdings, of which 50% of the consideration would have been paid in cash and the remainder in NRW shares.