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Macmahon Holdings Ltd Rejects Sembawang Australia Pty Ltd Proposal

Monday, 18 Feb 2013 06:04pm EST 

Macmahon Holdings Ltd announced that it has received a further proposal from Sembawang Australia Pty Ltd (Sembawang) to acquire the Construction projects proposed to be acquired by Leighton Holdings Limited (Leighton), subject to a shareholder vote. Sembawang offered to acquire the projects on the same terms as Leighton for a value of AUD 35 million, being only AUD 0.004 per share more than the AUD 29.6 million offered by Leighton, subject to the execution of a formal sale and purchase agreement but otherwise unconditional and with no requirement for due diligence. In order to enable the Independent Directors to make a proper assessment of the merits of Sembawang's latest proposal for Macmahon shareholders, the Independent Directors sought further clarification from Sembawang. A meeting between the Company and Sembawang was held February 15, 2013. Following this meeting and subsequent interactions with Sembawang, Macmahon's Independent Directors unanimously rejected the Sembawang proposal because: Sembawang has no operational or management presence in Australia, nor the pre-qualifications and accreditations required by Macmahon's construction customers; any transfer of Macmahon’s Construction projects requires not only its customers' consent but also the consent of its Construction joint venture partners; the Sembawang proposal does not provide Macmahon shareholders with a clean exit from the Construction projects being sold. 

Company Quote

-0.0010 -1.43%
19 Dec 2014