07/08/2008 - 11:51

Withdraw takeover acceptances: Ausdrill

07/08/2008 - 11:51

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Ausdrill Ltd has recommended shareholders who have accepted Macmahon Holdings Ltd takeover offer to withdraw their acceptance.

Withdraw takeover acceptances: Ausdrill

Ausdrill Ltd has recommended shareholders who have accepted Macmahon Holdings Ltd takeover offer to withdraw their acceptance.

In a letter to shareholders, Ausdrill said it was disappointed that Macmahon had extended its takeover bid to September 16.

"Macmahon continues its opportunistic attempt to acquire Ausdrull and transfer value to its shareholders at your expense," Ausdrill said.

"In the past four weeks, Macmahon has received acceptances for only 0.03 per cent of Ausdrill shares. Total acceptances are just 0.34 per cent since the offer was announced 11 weeks ago."

Following a variation to Macmahon's takeover offer earlier this week, Ausdrill shareholders are now allowed to withdraw their acceptance by giving notice within one month after the day of acceptance.

Macmahon is offering 1.45 of its share for each Ausdrill share.

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