Squire Patton Boggs has advised underground mining company Thiess on its $350 million off-market takeover bid to acquire MACA Limited (MACA) — one of Western Australia’s largest mining services businesses.
Firm: Squire Patton Boggs (Thiess); Thomson Geer (MACA)
Deal: Thiess has made a bid to takeover MACA, with the offer being made to MACA shareholders to acquire all issued shares in the company.
Value: $350 million
Key players: The Squire Patton Boggs team was led by partners Michael Gajic and Ashley Rose and supported by partner Caroline Brown and associates Sophie Davey, Sarah Roper and David Horton.
Deal significance: ASX-listed MACA is Western Australia’s fourth-largest contractor and largest mining services business, according to Business News’ Data & Insights. They have over 3,000 employees.
Thiess has made an offer to MACA shareholders of $1.025 per share, representing a 42.2 per cent premium to the MACA one month volume weighted average price as at 25 July 2022.
The offer is payable 100 per cent in cash and 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.
Mr Gajic commented: “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.”
Macquarie Capital and Lisle Group are acting as financial advisers to Thiess.