Indonesian miner PT Amman Mineral Nusa Tenggara has launched a counter proposal to the takeover bid for Macmahon Holdings by Australian construction giant CIMIC.
Macmahon’s shares (MAH) are currently in a trading halt, but DataRoom believes that AMNT is offering to buy 40 per cent of the company in exchange for an acquisition by Macmahon of the group’s equipment and also a mining contract worth US$500m a year.
It is understood that shares in the company will be issued at between 20c and 21c each.
CIMIC — formerly Leighton Holdings launched a takeover bid of Macmahon last month, offering 14.5c cash for the shares that the group does not own.
The company was trading at 11c before the bid by CIMIC, which already owned a 20 per cent interest in the group.
Shares are currently halted at 15c.
Macmahon Holdings is a mining and construction group that is being advised by Macquarie Capital.
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