MACA has agreed to a $350 million all-cash takeover offer from Queensland-based Thiess as the trend towards consolidation in the mining services sector continues.
The offer values MACA at $1.025 a share, representing a 28.1 per cent premium to its last traded price of 80¢.
If approved, the takeover represents a $13 million windfall for the company’s chairman and founder Geoff Baker, as well as multi-million dollar paydays for the other co-founders.
Mr Baker said Thiess had approached the company with a compelling offer at an attractive price which represented a strong premium to recent trading prices.
“The board of MACA believes that Thiess is the right partner for the MACA business, with similar values and a desire to enhance services to our clients, and to carry on the community and charity engagement initiatives of which MACA is so proud,” he said.
“Thiess will continue investing in our respected brand and will seek to provide additional development opportunities for our people as part of its national and international operations.”
Thiess executive chair Michael Wright said the company’s offer provided the certainty of cash, a strong premium and an ability for shareholders to achieve liquidity for their entire MACA shareholding.
“The proposed acquisition of MACA is an important part of Thiess’ strategy to diversify its operations across commodities, services and geographies,” he said.
“We recognise and intend to maintain and grow MACA’s strong brand and presence in the WA market.”
Thiess said it intended to operate MACA in materially the same manner as was being operated, supported by the company’s workforce, brand and assets.
The MACA acquisition gives Thiess a strong presence in the WA gold sector. Most of the company’s existing contracts are in the East Coast coal sector.
Thiess is jointly owned by contracting giant CIMIC and private equity group Elliott.
MLD Price at posting:
98.5¢ Sentiment: None Disclosure: Not Held
