Ann: Emeco completes sale of underground contracting to Macmahon, page-10

Private equity takeover would be the logical suitor, with BlackDiamond the lilely candidate given it owns 34% already
Perhaps a joint takeover by Blackdiamond and another PE company would be the logical way for this to play out
Collins St identified BlackDiamond as lilely suitor
a 20% or 30% premium to todays price would still see them acquire the business cheaply on pretty much all metrics

EHL wont have to pay income tax for a few years still so should pump a fair bit of free cashflow out over the next 2-3 years