Macmahon close the door on Sembawang

Contrary to recent public statements, Sembawang has made yet another bid for construction company Macmahon holdings.

Earlier this week Sembawang announced it would be making no further offers to the Australian Macmahon, following the rejection of its proposals.

However, in a statement released yesterday afternoon Macmahon Holdings said it had again received a letter of offer from the foreign owned Sembawang.

Macmahon said that in the letter “Sembawang confirms that the indicative, non-binding purchase for the construction businesses is anticipated to be AUS$38 million (as previously advised).”

Macmahon has unanimously rejected the proposal from Sembawang, citing “the conditional nature of the proposal and the other uncertainties relating to Sembawang’s ability to complete the transaction with Macmahon”.

The company took the opportunity yesterday to reiterate the matter of the Sembawang proposals is now closed.

This is the latest development in what has been a bizarre war of words between the two companies.

Macmahon last year announced they were shifting focus towards becoming a mining services company and have entered an Asset Purchase Agreement for their construction business with their largest shareholder Leighton Holdings.

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