A mining services company completely bought out a competitor.
A subsidiary of Thiess recently increased its acquisition bid for MACA by 4.9 per cent to $1.075 a share.
The target’s founding directors – Geoff Baker, Frank Maher and James Moore – accepted Thiess Group Investments’ offer worth more than $367 million. They own a combined 9.4 per cent interest ($34.5M) in the company.
Current director Robert Ryan also entered into a director bid acceptance deed to sell his 0.02 per cent stake ($7.3M). This clears the way for other shareholders to sell their units through an amended bid implementation deed.
Baker described the deal as too good to refuse.
“Thiess’ increased offer is compelling and an attractive price representing a strong premium to recent trading prices prior to the announcement of the Thiess offer,” the non-executive chairman said in a public statement.
“Fellow founding shareholders and my fellow MACA director, Mr Rob Ryan, have agreed to accept the revised offer price and have agreed not to withdraw those acceptances for the duration of the offer period.”
Thiess executive chair and CEO Michael Wright confirmed his employer already owns 15.9 per cent of all MACA ordinary shares. The deal is expected to close on 12 September 2022.
“We truly look forward to the opportunity of working with the MACA team, clients, communities and stakeholders in the future,” he said.
Rival bidder NRW ruled out raising its bid and withdrew its previous offer altogether.
“Continuing to pursue a transaction to acquire MACA would not be in the best interests of NRW’s shareholders at this time,” the company said in a public statement.
“NRW remains of the view that its non-binding merger proposal put forward on 11 August 2022 was capable of being superior to Thiess’ original and revised conditional offer, both in price and attractiveness.”
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