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MACMAHON HOLDINGS LIMITED — M&A Activity 2008
Sep 29, 2008
65291_rns_2008-09-29_fcdc45e9-1951-40da-8747-22d87705634b.pdf
M&A Activity
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Tuesday, 30 September 2008
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ASX Announcement
TAKEOVER OFFER FOR AUSDRILL
Macmahon Holdings Limited (ASX: MAH) advises that its takeover offer for Ausdrill Limited (ASX: ASL) has now lapsed.
The offer closed at 5.00pm (Perth time) on 29 September 2008, with the remaining conditions to the offer unfulfilled at that time. Therefore, all contracts resulting from acceptances of the offer by Ausdrill shareholders are void.
At the offers scheduled close, Macmahon had received acceptances representing approximately 16% of Ausdrill’s issued share capital, including acceptance instructions representing 18.2 million shares (10.59%) in the Institutional Acceptance Facility.
As a result of the lapse of its takeover offer, Macmahon no longer holds a relevant interest in any Ausdrill shares and has lodged a Form 605 (Notice of ceasing to be a substantial holder notice) with ASX and Ausdrill to this effect. No Macmahon shares were issued as consideration under the takeover offer.
Chief Executive Officer, Nick Bowen, said, “While 399 (over 10%) of the shareholders in Ausdrill believed our offer of over 1.65 Macmahon shares for every Ausdrill share was compelling enough to accept, it was not enough to reach our minimum acceptance condition. However the extensive valuation work we did on Ausdrill supported our offer, which had an average implied value of just under $3 since our increased offer was announced on 20 August 2008.
“We have been disciplined in our approach of not over paying for acquisitions and will continue to do so in the future.
“We remain focussed on continuing to grow our business with sustainable profits, and will assess other opportunities for inorganic growth as and when they arise,” Mr Bowen said.
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For more information, please contact:
Media contact: John Phaceas Investor contact: Matthew Wright
Porter Novelli Mobile 0411 449 621 Investor Relations Mobile 0432 897 837
Macmahon Holdings Ltd ABN 93 007 634 406
Level 3 263 Adelaide Terrace Perth WA 6000 PO Box 198 Cannington WA 6987 Telephone: (08) 9365 1111 Facsimile: (08) 9365 1186 Web: www.macmahon.com.au Email: [email protected]