Macmahon stall on offer PDF Print E-mail
THE WEST AUSTRALIAN   
Saturday, 12 January 2013 09:45

Macmahon Holdings has told Singapore contractor Sembawang Engineers and Constructors it cannot respond to a proposed bid for its construction business by a deadline this afternoon.

 

On Friday, Sembawang sent a more detailed proposal to Macmahon to buy the division for $38 million, subject to due diligence, and sought a response by 5pm today.

Macmahon reiterated that the proposal remained unsolicited, non-binding, incomplete and highly conditional.

"Accordingly Macmahon is not in a position to respond to the latest proposal by the deadline," the company said in a statement to the Australian Securities Exchange.

"In the circumstances, Macmahon's independent directors proposed to request further clarification from Sembawang to make a proper assessment of the merits of the proposals."



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