TAKEOVER TACTICS :
Under such threat, should it eventuate, a secure board ( and AJM’s seems canny, longstanding and dedicated) ..and solid shareholders standing behind that board are the best way forward.
This includes a strident turn out of voters at the next AGM or any other meeting where a vote is required
CIMIC is a shining case study of how to go about company takeovers.
For the information of those interested, here’s a story on both a failed bid by CIMIc and a successful one.
There’s plenty of info out there online
Cheers
CIMIC launches takeover for Macmahon
Nick EvansThe West Australian 24 January 2017
Contracting giant CIMIC has lobbed a takeover bid for Macmahon Holdings, offering 14.5¢ a share to mop up the 80 per cent of the company it does not already own.
CIMIC holds 20.5 per cent of Macmahon shares and its offer values the company at $175 million.
The offer is a 32 per cent premium to Macmahon’s 11¢ closing price yesterday, and the struggling contractor has not traded above the offer level since a brief spike above 15¢ in August last year.
CIMIC said today its off-market bid is unconditional, and the company has also appointed Credit Suisse to buy Macmahan shares on-market at the offer price.
Macmahon said in a statement this morning its board was considering a response to the CIMIC offer, and recommended shareholders take no action until its board had had time to release a formal recommendation on the bid.
CIMIC’s move on Macmahon is the latest in slew of hostile bids launched to mop up its minority interests in other contractors since Spanish giant ACL took control of the company, then known as Leighton Holdings, in early 2014.
CIMIC handed the Macmahon board a so-called second strike at last year’s annual general meeting by voting against its remuneration report, and also voted again the re-election of chairman Jim Walker.
The mandatory vote to spill the WA contractor’s board was easily defeated at the November meeting, however.
CIMIC’s approach to Macmahon mirrors its move on listed engineering company Sedgman. In 2015 CIMIC the Sedgman board at its annual shareholder meeting, using its 37 per cent holding to dump three independent directors in a shareholder poll and demanded direct representation on the Sedgman board.
Two months later CIMIC launched a hostile takeover for the contractor.
Since then CIMIC has closed a hostile bid for UGL, which was recommended by the company’s board.
CIMIC said it had received Foreign Investment Review Board approval for the Macmahon tilt, and that the Australian Competition and Consumer Commission had indicated it would not intervene in the bid.
Macmahon shares were up 3.5 cents, or 31.82 per cent, to 14.5 cents at the close.”
https://thewest.com.au/business/mining/cimic-launches-takeover-for-macmahon-ng-b88364735z
- Forums
- ASX - By Stock
- 1MC
- Ann: Ceasing to be a substantial holder
Ann: Ceasing to be a substantial holder, page-106
-
- There are more pages in this discussion • 1 more message in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add 1MC (ASX) to my watchlist
|
|||||
Last
3.4¢ |
Change
0.000(0.00%) |
Mkt cap ! $8.403M |
Open | High | Low | Value | Volume |
3.4¢ | 3.5¢ | 3.4¢ | $1.46K | 42.93K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 88347 | 3.4¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
3.5¢ | 295811 | 3 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 88347 | 0.034 |
1 | 250443 | 0.033 |
2 | 22091 | 0.032 |
4 | 106920 | 0.031 |
3 | 50666 | 0.030 |
Price($) | Vol. | No. |
---|---|---|
0.035 | 295811 | 3 |
0.036 | 176830 | 3 |
0.037 | 65000 | 1 |
0.038 | 75000 | 1 |
0.039 | 70000 | 1 |
Last trade - 15.44pm 22/08/2024 (20 minute delay) ? |
Featured News
1MC (ASX) Chart |
The Watchlist
SS1
SUN SILVER LIMITED
Gerard O'Donovan, Executive Director
Gerard O'Donovan
Executive Director
SPONSORED BY The Market Online