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Punj Lloyd Ltd's Subsidiary Ups Offer To Acquire Macmahon Holdings Ltd's Construction Business By $5 Million-The Economic Times


Thursday, 10 Jan 2013 02:33am EST 

The Economic Times reported that Australian contract mining and construction company Macmahon Holdings said Sembawang Australia, a subsidiary of Punj Lloyd Ltd, has lodged another bid to buy construction business, reportedly with an offer which is USD5 million more than a current takeover agreement. Macmahon Holdings confirmed in a statement that it has received a revised, two part proposal to acquire either a portion or all of Construction Business from Sembawang Engineers and Constructors Pte Ltd. The offer was conditional on Sembawang being granted due diligence access from MacMahon, but that was denied because of the agreement in place with Leighton. MacMahon said Sembawang had increased offer to buyout the construction business for USD38 million, up from the USD25 million it had offered on January 2. 

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