MAH (ASX) Take over?

Potential take over?

here you go - Macmahon maybe:

Perenti Global is believed to have held talks with other listed rivals about embarking on an acquisition or merger in what could be another step towards consolidation in the listed mining services industry.
The $772m Perenti is a result of a merger between Ausdrill and Barminco, which Ausdrill agreed to buy in 2018 in a cash-and-scrip deal worth $271.5m, creating the nation’s second-largest mining contractor.
But since that transaction, it is understood Perenti has been mindful of reducing its debt levels. It tapped the US bond market this month for $US450m ($637m) and at June its debt level was 28.4 per cent, or 1.3 times its earnings, with total borrowings and lease liabilities of $883.9m.
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Earlier, Perenti was looking to buy the Downer Mining business, but it is understood it no longer has an interest.
DataRoom understands that Macmahon Holdings has recently been in advanced talks to buy the Downer Mining business, with advisory firm Azure Capital said to be involved.
However, the feedback from investors on a potential play for Downer Mining — a business Downer was hoping to sell to Perenti for about $500m through Macquarie Capital — was that Macmahon should only buy it for a heavily discounted price due to its exposure to the coal industry, at a time when the impact of the commodity on the environment weighs heavily on the minds of institutional investors.
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In Australia, Perenti, which has been advised by UBS and also counts Gresham as an adviser, generates close to 50 per cent of its revenue from Africa.
Sources say that investment banks UBS, Goldman Sachs, Bank of America and Citi have all pitched opportunities to the West Australian-based firm.
Market experts say the obvious contender for an acquisition by Perenti is Macmahon, which has a market value of $506m.
Some Macmahon institutional shareholders are in support of an acquisition by Perenti, but Indonesian shareholder Amman Mineral Nusa Tenggara bought a 40 per cent stake in Macmahon in 2017 and some say it would be unlikely to be interested in embarking on a transaction.
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NRW Holdings would be unappealing given it also serves the construction industry, according to some.
Another possibility is a company such as the listed Maca, which has a market value of $216m and, while some say that an acquisition of the business was highly unlikely, others say it makes sense.
Mining services provider Maca operates mostly in the gold, iron ore and nickel sectors, which are all performing strongly. It also has a small civil services business.
Market analysts say Perenti is compelled to make an acquisition because of its desire to reduce its overall exposure to Africa and increase the exposure to surface mining. But it would not want to increase exposure to coal mining.
An acquisition of either Macmahon or Maca would help the company achieve such objectives.
Perenti’s recent interest in acquisitions comes as consolidation is expected throughout the Australian mining services industry.
This month, CIMIC reached a deal to sell a 50 per cent stake of industry heavyweight Thiess to Elliott Advisers that will result in it gaining cash proceeds of at least $1.7bn.
Companies in the sector are said to be increasingly facing a need for scale and diversification of contracts, clients and services.