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Macmahon has told its shareholders to take no action in respect of the Cimic offer.

Macmahon rejects Cimic's $174m offer

Macmahon Holdings has criticised CIMIC Group’s proposed $174 million takeover offer, saying its preliminary view was that it does not represent fair value of the business, and has told its shareholders to take no action.

Perth-based Macmahon received the 14.5 cents per share takeover offer from Cimic earlier this week, with Cimic proposing to acquire the 79.5 per cent of Macmahon’s issued shares that it doesn’t already own.

Cimic’s position on the offer was that it was a 45.6 per cent premium to Macmahon’s three-month volume-weighted average price. However, the target argued today that the offer was less than its current net tangible assets per share.

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

Total Shareholder Return as at 29/09/17

1 year TSR5 year TSR
89thNRW Holdings92%-6%
94thMacmahon Holdings87%-4%
126thVietnam Industrial Investments62%19%
168thFleetwood Corporation42%-22%
290thUnited Overseas Australia12%15%
719 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

13/10/17
$13k Sold
29/06/17
$21k Bought
13/06/17
$80k Bought
Total value as at the date of the transaction
Source: Morningstar

Revenue

16th↓United Overseas Australia$425.5m
17th↓NRW Holdings$370.3m
18th↓Macmahon Holdings$366.5m
19th↑Fleetwood Corporation$330.1m
20th↓Vietnam Industrial Investments$315.5m
232 listed industrial companies ranked by revenue.
Source: Morningstar

Remuneration from Macmahon Holdings

659thJim Walker$178k
631stEva Skira$98k
1079thVyril Vella$98k
Ranked by total remuneration from all listed WA companies

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