Cimic won't raise Macmahon offer

Spanish-controlled CIMIC Group has stood its ground over its Macmahon Holdings takeover play, telling the market today it would not lift its offer price despite the target entering into a counter-agreement with an Indonesian miner.

Cimic reiterated Macmahon shareholders should accept its 14.5 cents per share takeover offer as soon as possible, as it will not be increasing the cash price or extending the deadline beyond March 9.

“Cimic’s offer price of 14.5 cents in cash per Macmahon share is final and will not be increased in any circumstances during the offer period, including in response to the risky, non-binding, highly conditional Amman Mineral Nusa Tenggara asset proposal,” Cimic said.

“Cimic encourages all Macmahon shareholders to accept the offer as soon as possible.”

Yesterday, Macmahon announced it had entered into a heads of agreement with AMNT that would give the Indonesian company a 44 per cent stake in the Perth-based company.

Macmahon shares fell 6 per cent to 15.5 cents each at 12:30pm.