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MACMAHON HOLDINGS LIMITED — M&A Activity 2008
Sep 9, 2008
65291_rns_2008-09-09_7f08efb0-605d-478c-bd7e-116583caf3f2.pdf
M&A Activity
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10 September 2008
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ASX Announcement
MACMAHON WILL NOT EXTEND AUSDRILL OFFER BEYOND 29 SEPTEMBER[1]
Macmahon Holdings Limited (“Macmahon”) today announced that it will not extend its takeover offer (“Offer”) for Ausdrill Limited (“Ausdrill”) beyond 29 September 2008, unless it declares the Offer free of conditions[1 ] or there is a competing proposal for Ausdrill.
The latest date on which Macmahon is allowed to declare its Offer free of conditions is Friday 19 September 2008.
Macmahon’s key consideration in determining whether or not to declare its Offer free of conditions will be the level of acceptances (including acceptances in the Acceptance Facility) at 2 pm (Australian Eastern Standard Time) on Thursday 18 September.
Macmahon’s Chief Executive Officer, Nick Bowen, said today that Ausdrill shareholders have now had more than three months to consider the merits of the Offer.
“It is time for shareholders to accept our Offer which at an implied value of around $3 provides them with a significant premium for their Ausdrill shares, and the opportunity to become an investor in Macmahon,” said Mr Bowen.
“Macmahon is offering Ausdrill shareholders a material premium to the pre Offer price for their shares, the opportunity to retain an exposure to their original investment in Ausdrill, and the chance to participate in a larger and more diversified company.
“Ausdrill shareholders should also give serious consideration to the potential for the Ausdrill current share price of around $2.50 to fall significantly if Macmahon’s Offer lapses. It is important for them to accept our Offer immediately or risk allowing it to lapse.”
“We remain convinced that our Offer represents exceptional value for Ausdrill shareholders,” said Mr Bowen.
“By not accepting into the Offer immediately shareholders are running a real risk that the value of their investment in Ausdrill will drop materially.
“We look forward to combining Ausdrill and Macmahon, and to welcoming Ausdrill shareholders to Macmahon as soon as possible.”
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For more information, please contact:
Media contact: John Phaceas Porter Novelli Mobile 0411 449 621 Investor contact: Matthew Wright Investor Relations Mobile 0432 897 837
1 However, if, during the last seven days of the Offer Period, Macmahon’s voting power increases to more than 50% of Ausdrill, the Offer Period will be extended automatically by 14 days from the date on which Macmahon’s voting power increased to more than 50% of Ausdrill and may then be extended further by Macmahon. This would allow Macmahon to declare the offer free of conditions no less than 7 days before the end of the extended offer period.
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]