Macmahon extends Ausdrill takeover bid

Macmahon Holdings Ltd has jumped the gun in its takeover bid for Ausdrill Ltd, extending the offer period by one month and allowing Ausdrill shareholders the right to withdraw acceptances.

The takeover offer period was due to close on August 15 but Machamon, which is offering 1.45 of its shares for each Ausdrill share, announced today that it will close the bid on September 16.

Macmahon currently holds 0.34 per cent of Ausdrill shares, consisting of 585,968 shares out of a total 172.15 million Ausdrill shares.

"This variation will postpone the time by which Macmahon's obligations under the offers must be satisfied for more than one month," Macmahon said.

"As a result of this, each person to whom Macmahon has made an affer and who has accepted the offer has the right to withdraw their acceptance by giving notice to Macmahon within 1 month after the day on which the person receives this notice."