Ann: NRW confirms MACA (MLD) approach, page-10

https://thewest.com.au/business/mer...ion-counter-offer-from-nrw-holdings-c-7920430
MACA rejects $375 million counter offer from NRW Holdings

Sean SmithThe West Australian
Thu, 18 August 2022 4:06PM
Sean Smith


MACA has already agreed a deal with Thiess. Credit: maca/supplied

Ever-acquisitive NRW Holdings has questioned the rejection of what it says is a superior $375 million counter offer for fellow contractor MACA.

NRW emerged from a short trading halt on Thursday to confirm it had lobbed a non-binding, indicative offer at MACA last week, but been rebuffed.


NRW Holdings chief executive Jules Pemberton. Credit: supplied

The offer of $1.085 a share, which was supported by a commitment from NRW’s lenders, was submitted to the MACA board on August 11 and compares with the $1.025-a-share agreed bid for MACA by the privately-owned Thiess.

NRW said MACA notified the group on Thursday that it did not consider the offer superior to Thiess’s and would not be engaging in any talks with NRW.

“We are disappointed that the board of MACA has indicated that it is not willing to entertain our compelling proposal,” NRW chief executive Jules Pemberton said.

He said NRW believed it was “uniquely positioned” to offer attractive value for all MACA shareholders as part of a bigger and diversified contractor.

NRW had offered cash or scrip, or a combination of both, for MACA.

NRW has been a notable acquirer in recent years, bulking up with Golding group for $85m in 2017, BGC Contracting for $116.5m in 2019 and the listed engineering group Primero for $100m last year.

Thursday’s statement came just hours after the civil and mining contractor announced an improved annual profit and a strong outlook that has the company benefiting from increased infrastructure work as Australia emerges from COVID-19 and labour and supply problems ease.

Net profit jumped to $97.4m from $53.5m, including a 30 per cent rise in earnings before interest, tax and amortisation to $157m.

EBITA for this financial year is forecast at between $162m and $172.

Directors declared a fully franked final dividend of 7¢ a share, making 12.5¢ for the year.