In today’s briefing:
- ACS/Thiess/MACA: Generous Premium
ACS/Thiess/MACA: Generous Premium
- Thiess is launching an agreed offer to acquire 100% of MACA Ltd (MLD AU) at AUD 1.025/share, in cash, cum dividend, a 28% premium, 2.8x EV/Fwd EBITDA. Minimum acceptance condition is 90%.
- Thiess is gaining scale with the acquisition of MACA. I believe that in the future ACS/Hochtief/CIMIC will seek to acquire the whole of Thiess.
- Gross spread (as of 29 July) is 2.43%, for a deal with high chances to complete. I would be long at this price.
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