Thiess poised to take over MACA

The directors of MACA have recommended shareholders accept a conditional off-market takeover bid worth $350 million from mining services contractor Thiess.

WA-based MACA provides contract mining, civil and infrastructure and structural and mechanical services to the resources sector in Australia, Brazil and Cambodia.

Thiess has agreed to offer MACA shareholders $1.025 cash for each share they own pursuant to the offer, which is conditional upon the fulfilment or waiver of certain conditions.

Thiess will be entitled to reduce the offer price by the amount (if any) of any dividend attaching to MACA shares. The MACA Board has not yet determined whether or when any such dividend will be declared or paid.

The all-cash offer delivers a substantial premium to MACA shareholders.

MACA directors backed the offer, in the absence of a superior proposal and subject to the Independent Expert concluding, and continuing to conclude, that the offer is fair and reasonable to shareholders.

Each of the directors of MACA who owns or controls MACA shares presently intend to accept the offer.

MACA co-founder and non-executive chairman Geoff Baker said Thiess approached the business with “a compelling offer at an attractive price”, representing a strong premium to recent trading prices.

“The MACA board believes that Thiess is the right partner for the MACA business, with similar values and a desire to enhance services to our clients, and to carry on the community and charity engagement initiatives of which MACA is so proud,” he said.

“Thiess will continue investing in our respected brand and will seek to provide additional development opportunities for our people as part of its national and international operations.”

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Editor of industrial titles and mastheads with Prime Creative Media. Publications include Rail Express and Australian Mining (web content).
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