Expert clears MACA takeover

An independent expert has deemed Thiess’s $350 million friendly takeover for Western Australian contractor MACA ‘fair and reasonable’, while intentions from rival bidder NRW are still unclear.

Grant Thornton’s independent expert report was issued to market this morning alongside a separate target statement from MACA urging shareholders to accept the all-cash offer.

“Your directors unanimously recommend that you accept the Thiess offer, in the absence of a superior proposal and subject to the independent expert continuing to conclude that the Thiess offer is fair and reasonable, or not fair but reasonable, to MACA shareholders,” it said.

MACA also affirmed that it had not received any further proposals from fellow WA contractor NRW, or another third party, since it knocked back a competing cash-and-scrip offer last week.

“If another competing proposal to the offer is received by MACA, the MACA board will carefully consider the proposal and advise MACA shareholders of their recommendation,” MACA said.

“No forecast is made as to whether, or when, any such competing proposal may be received, nor whether it may be a superior proposal.”

Grant Thornton said NRW’s proposal was not capable of being executed in its current form and did not give a verdict on the bid.  

Queensland-headquartered Thiess has offered MACA shareholders $1.025 cash per share for each share held.

It is jointly owned by unlisted construction business CIMIC, which also owns CPB Contractors, and private equity investor Elliott Advisers.

It is estimated to employ more than 12,000 people globally.

Acquiring MACA would grant Thiess a bigger operating presence in WA.

Salient Corporate is corporate adviser to MACA and Euroz Hartleys is corporate broker.

Thomson Geer is providing legal advice.

On the market, MACA shares were off 1.4 per cent to trade at $1.06.