PERTH (miningweekly.com) - Suitor Thiess on Wednesday said that it would waive all of the outstanding conditions of its takeover offer for MACA, if it achieved a 50% shareholding by September 23.
Thiess previously 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.
Subject to the offer becoming unconditional, MACA has agreed not to breach the offer conditions for as long as the bid implementation agreement is not terminated.
MACA on Wednesday maintained its recommendation that shareholders accept the Thiess offer in the absence of a superior proposal, and subject to an independent expert continuing to conclude that the offer was fair and reasonable.
The takeover offer period has now been extended by a further 11 days, until October 7.