Takeover target Ausdrill Ltd has fired back at Macmahon Holdings Ltd's claims that its share price is being propped up by its $400 million bid, saying its bidder had so far managed to secure 0.31 per cent of Ausdrill shares.
Ausdrill Ltd's managing director Ron Sayers has continued to top up his interest in the company which is fending off a takeover bid by Macmahon Holdings Ltd.
Macmahon Holdings Ltd's failure to rouse up a relevant interest in Ausdrill Ltd of more than one per cent has played into the takeover target's hand nicely, as it issued its target statement today.
Ausdrill Ltd managing director Ron Sayers has spent $8.1 million boosting his stake in the company over the past two days, as it continues to fend off a takeover bid by Macmahon Holdings Ltd.
Takeover target Ausdrill Ltd has upheld its rejection of Macmahon Holdings takeover offer as it enters into contracts potentially worth $US51 million ($A54.4m) in revenue.
Ausdrill Ltd today reaffirmed its opposition to Macmahon Holdings Ltd's takeover offer, saying directors and other shareholders with 39.1 per cent of its stock would not accept the offer.
Drilling contractor Ausdrill Ltd today formally rejected Macmahon Holdings Ltd's $446 million takeover offer, describing it as inadequate and opportunistic.
Construction and engineering firm Macmahon Holdings Ltd has launched a $446 million takeover bid for Canning Vale-based Ausdrill Ltd, a year after the drilling contractor revealed it had been approached by an unidentified suitor.
Drilling services company Ausdrill Ltd has completed a $95 million capital raising through a share placement and share purchase plan to fund expansion in Australia and Africa, including a move into contract mining in Australia.
The share price of Canning Vale-based Ausdrill Ltd has dropped 10.1 per cent following the company's off-market announcement that takeover talks with an unidentified buyer had ended.
Canning Vale-based drilling, blasting and exploration contractor Ausdrill Ltd has secured a 44 per cent increase in net profit to $27.5 million for the 2006-2007 financial year.
Has received a confidential approach from a party with assets of approx $2billion which could lead to an offer or a proposal being put to Ausdrill shareholders, for all the shares in Ausdrill.
Canning Vale-based drilling, blasting and exploration contractors Ausdrill Ltd has recorded a 51 per cent first half profit increase, recording a net profit after tax of $13.7 million.
Canning Vale-based drilling, blasting and exploration contractors Ausdrill Ltd has annouced a net profit of $19 million for the year ended June 30 2006, down 12 per cent from the $21.5 million secured in the 2004-05 period.
MINING services contractor Ausdrill has reported a net profit after tax of $11.3 million for the year to June 30 and is predicting another strong year ahead.
