PERTH (miningweekly.com) – Project house Macmahon has reiterated that shareholders should reject a takeover offer by Cimic, with Cimic declaring that it would not extend or increase its offer.
Despite independent valuations of between A$0.117 and A$0.203 a share for Macmahon’s shares, Cimic has maintained its A$0.145-a-share offer for the ASX-listed company.
Macmahon on Friday pointed out that 75% of recent on-market trading of Macmahon shares had been done above the price being offered by Cimic.
Macmahon this week revealed an alternative option to the Cimic takeover offer, telling shareholders that it had signed a nonbinding heads of agreement with PT Anmman Mineral Nusa Tenggara (AMNT) under which Macmahon could acquire some of the company’s assets.
Cimic has labelled the AMNT transaction as "rushed" and has urged Macmahon shareholders to accept its offer before the close of business on March 9.
Edited by: Creamer Media Reporter
EMAIL THIS ARTICLE SAVE THIS ARTICLE
ARTICLE ENQUIRY
To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here
