NRW Holdings (ASX: NWH) notes MACA’s announcement yesterday regarding an increase in the offer consideration under the conditional off-market takeover offer made by Thiess Group Investments Pty Ltd and certain new agreements resulting in Thiess acquiring an additional relevant interest in a further 9.43% of MACA shares.
In light of these developments, NRW advises that in line with its diligent approach to M&A and disciplined capital management, it has determined that continuing to pursue a transaction to acquire MACA would not be in the best interests of NRW’s shareholders at this time.
NRW remains of the view that its non-binding merger proposal put forward on 11 August 2022 was capable of being superior to Thiess’ original and revised conditional offer, both in price and attractiveness for MACA shareholders.
“NRW shareholders and market participants are aware that NRW has been very successful in growing and diversifying its business through our strategic focus and diligent approach to M&A,” NRW managing director Jules Pemberton said.
“I am disappointed to withdraw the Merger Proposal as I believe the combination of our proudly West Australian founded businesses would be in the best interest of employees, clients and shareholders.”
