In today’s briefing:
- MACA’s A$1.075 Offer from Theiss Declared Unconditional
- MACA: Thiess Declares Offer Unconditional
MACA’s A$1.075 Offer from Theiss Declared Unconditional
- Theiss’ offer of A$1.075 per share for MACA Ltd (MLD AU) has been declared unconditional despite acquiring 44.30% of outstanding shares, below the 50% threshold.
- The offer has met with resistance from retail shareholders as it remains below NRW’s rejected offer, and there is a lack of clarity on franking credits.
- Thiess can restart on-market purchases from 27 September. The offer closes on 7 October. The shares are trading in line with the offer.
MACA: Thiess Declares Offer Unconditional
- Diversified contractor MACA Ltd (MLD AU) announced a friendly off-market cash offer from fellow contractor Thiess on the 26 July, at A$1.025/share, a 28.1% premium to the undisturbed price.
- After MACA rejected NRW Holdings (NWH AU)‘s non-binding proposal (with an implied consideration of $1.085/share), Thiess lifted its all-cash Offer to A$1.075/share. NRW subsequently walked.
- The Offer was conditional on Thiess having a relevant interest in more than 90% of MACA. That condition has been waived and the Offer is now Unconditional.
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