Thiess’ acquisition of contracting group MACA is almost done and dusted.
The founding shareholders of MACA, including Geoff Baker, Frank Maher and James Moore, have entered into written acceptance deeds with Thiess after the offer price for its off-market takeover was raised from $1.025 cash per share to $1.075.
The other director of MACA who holds an interest in MACA shares, Robert Ryan, has also entered into an acceptance deed, via his company which holds shares.
“Thiess’ increased offer is compelling and an attractive price representing a strong premium to recent trading prices prior to the announcement of the initial Thiess offer,” Baker said.
“My fellow founding shareholders and my fellow MACA directo Rob Ryan have agreed to accept the revised offer price and have agreed not to withdraw those acceptances for the duration of the offer period,” he said.
Thiess executive chair Michael Wright said the acceptance by the founders and directors was further endorsement of the value offered to MACA shareholders.
“We are pleased to have 15.90 per cent of MACA’s ordinary shares accepted into our bid,” he said.
“Thiess announced last week that we have fulfilled the no-objection from the ACCC condition and we encourage MACA shareholders to accept our offer which is currently scheduled to close on September 12, 2022.
“The MACA and Thiess businesses are aligned in strategy and values, and we truly look forward to the opportunity of working with the MACA team, clients, communities and stakeholders in the future.”
The improved offer comes after MACA last week rejected a $1.085 cash and share offer from NRW Holdings.