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Macmahon rejects new Sembawang offer

Macmahon Holdings has rejected the latest takeover offer from Indian-owned firm Sembawang Australia, saying it was incapable of being practically implemented.

Macmahon has already struck a $29.6 million deal with Leighton Holdings over the sale of its troubled construction business, and had rebuffed previous offers by Sembawang.

But the wholly-owned subsidiary of engineering and construction group Punj Lloyd last week lodged a new offer, valuing Macmahon's construction business at $35 million.

After meeting with Sembawang in recent days, Macmahon said today that the new offer could not be practically implemented, and was not superior to its deal with Leighton.

While Sembawang's offer price was higher than Leighton's, it was not enough to make up for the added risks associated with the proposal, Macmahon said.

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

Total Shareholder Return as at 31/01/18

1 year TSR5 year TSR
122ndNRW Holdings116%-1%
206thFleetwood Corporation56%-21%
228thMacmahon Holdings45%-4%
388thUnited Overseas Australia10%13%
575thVietnam Industrial Investments-20%26%
709 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

15th↓United Overseas Australia$425.5m
16th↑NRW Holdings$370.3m
17th↑Macmahon Holdings$366.5m
18th↑Fleetwood Corporation$330.1m
19th-Vietnam Industrial Investments$315.5m
234 listed industrial companies ranked by revenue.
Source: Morningstar

Remuneration from Macmahon Holdings

741stJim Walker$178k
592ndEva Skira$98k
1010thVyril Vella$98k
Ranked by total remuneration from all listed WA companies

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