Squire Patton Boggs has advised Thiess on its AU$350 million off-market takeover bid to acquire ASX listed MACA Limited (MACA), Western Australia’s fourth largest contractor and largest mining services business according to Business News’ Data & Insights, with more than 3000 employees.
Thiess has agreed to make an offer to MACA shareholders to acquire all of the issued shares in MACA for AU$1.025 per share, payable 100% in cash and representing a 42.2% premium to the MACA one month VWAP as at 25 July 2022. The offer is subject to limited conditions, including Foreign Investment Review Board and Australian Competition and Consumer Commission approvals.
MACA’s Board has unanimously recommended that MACA shareholders accept the offer.
Thiess’ offer is supported by its shareholders, subsidiaries of CIMIC Group Limited and entities affiliated with or managed by Elliott Investment Management LP.
Michael Gajic and Ashley Rose, corporate partners in the firm’s Sydney office, co-lead the team acting for Thiess. They are supported by the Perth corporate partners, competition partner Caroline Brown and associates Sophie Davey, Sarah Roper and David Horton. Macquarie Capital and Lisle Group are acting as financial advisers to Thiess and Thomson Geer is advising MACA.
Mr Gajic said: “We are excited to be working with Thiess on another strategically important transaction. At a time when supply chain and skills shortages are front of mind, the proposed acquisition of MACA provides Thiess with a greater presence in WA and the benefits that added scale brings.”