In today’s briefing:
- MACA’s Target Statement Responds To Thiess’ Offer
- Caterpillar Inc: Cat MineStar Developments & Other Drivers
MACA’s Target Statement Responds To Thiess’ Offer
- On the 26th July, diversified contractor MACA Ltd (MLD AU) announced a friendly off-market cash offer from fellow contractor Thiess, at A$1.025/share, a 28.1% premium to the previous close.
- The Bidder’s Statement was dispatched on the 9 August. After rebuffing NRW Holdings (NWH AU)‘s non-binding proposal, MACA has now dispatched the Target Statement.
- The IE deems the Offer, which remains subject to FIRB and ACCC approvals, to be fair. The first closing date is the 12 September.
Caterpillar Inc: Cat MineStar Developments & Other Drivers
- Despite persistent supply chain difficulties, Caterpillar delivered another strong quarter with a double-digit top line growth though it did fail to meet Wall Street expectations on the revenue front.
- Most of its end markets are experiencing strong demand and its strong margin profile did help deliver an earnings beat.
- The management achieved stronger services revenue and better-than-anticipated price revenue, which were offset by lower-than-anticipated user sales.
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