03/09/2008 - 10:26

Macmahon boost for Ausdrill takeover

03/09/2008 - 10:26

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In a boost to its takeover bid for Ausdrill Ltd, Macmahon Holdings Ltd has received acceptances from Ausdrill shareholders with nine per cent of the company's stock following the establishment of an institutional acceptance facility last week.

Macmahon boost for Ausdrill takeover

In a boost to its takeover bid for Ausdrill Ltd, Macmahon Holdings Ltd has received acceptances from Ausdrill shareholders with nine per cent of the company's stock following the establishment of an institutional acceptance facility last week.

Macmahon confirmed that as of yesterday Ausdrill shareholders, representing a 9.36 per cent interest, had indicated its acceptance intention for the offer.

Of that amount, 8.93 per cent of Ausdrill shares are being held under the acceptance facility while Macmahon holds a 0.43 per cent interest.

Macmahon recently increased and extended its takeover offer for Ausdrill from 1.45 to 1.65 of its shares in return for each Ausdrill share.

Last week, Macmahon further strengthened its takeover bid by waiving several conditions in the offer and allowing Ausdrill shareholders to keep the final six cents dividend which was previously under threat in the original offer.

The offer is due to close on September 16.

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