In today’s briefing:
- MACA’s Recommended $1.025 Per Share Takeover Offer from Thiess
MACA’s Recommended $1.025 Per Share Takeover Offer from Thiess
- MACA Ltd (MLD AU) has recommended a A$1.025 per share offer from Thiess. The offer price represents a 28.1% premium to the unaffected price of A$0.80 (on 25 July).
- The offer is conditional on a 90% minimum acceptance condition and regulatory approvals (FIRB and ACCC). The target statement will be released in late August.
- We think that the offer is reasonable in the context of historical share prices and multiples. At the last close, the gross spread is 3.5%.
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