18/06/2008 - 12:08

Ausdrill MD ups stake in company to 14%

18/06/2008 - 12:08

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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.

Ausdrill MD ups stake in company to 14%

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.

According to notices handed into the Australian Securities Exchange this morning, Mr Sayers has purchased nearly 3.2 million ordinary Ausdrill shares on the market at a cost of $8.1 million.

The purchase has boosted his interest in the company from 12.5 per cent to 14.29 per cent, and increases the board's stake to 15.25 per cent of Ausdrill.

Macmahon is offering 1.45 shares for one Ausdrill share.

The offer remains open until 18 July 2008.

 

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