Ausdrill MD spends $2.7m on new 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.

According to a directors interest notice to the stock market, Mr Sayers spent $2.73 million over the past two days purchasing over 1 million shares on the market.

Previous to his latest purchase, Mr Sayers held a 14.29 per cent in Ausdrill.

Macmahon is offering 1.45 shares for one Ausdrill share and the offer is scheduled to close on July 18.