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- MACA Limited, on Friday (19 August 2022), determined that the NRW’s takeover proposal is ‘not superior’ to the Thiess cash offer.
- NRW Holdings, on Thursday (18 August 2022) had stated that 'smaller peer' MACA has rejected its takeover offer as it plans to proceed with Thiess.
- NRW had made a cash-and-stock offer of AU$1.085 per share while Thiess had made an AU$1.025 per share all-cash takeover proposal.
One of Australia’s leading diversified mining contracting groups, MACA Limited (ASX:MLD), on Friday (19 August 2022), concluded its assessment of the non-binding, conditional and indicative proposal received from NRW Holdings Limited (ASX:NWH). MACA stated that NRW Holdings’ cash-and-stock offer was ‘not superior’ to the Thiess’s all cash takeover offer.
Post the announcement, shares of MACA were spotted trading 5% strong at AU$0.060 apiece at 10:45 AM AEST. In last one month, the share price of this mining stock has gained 45.21%. In last one year, the stock has gained 27.71% and on year-to-date basis, the company has gained 32.50% on the ASX (as of 10:49 AM AEST, 19 August 2022).
Why MACA sided with Thiess and not NRW Holdings?
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Meanwhile, at 11:30 AM AEST, shares of NRW Holdings Limited were spotted trading 3.571% lower at AU$2.295 apiece on the ASX.
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