DIRECTORS OF Perth-based ASX-listed company MMA Offshore have recommended shareholders accept a $1.07 billion offer from Singapore’s Cyan MMA Holdings to acquire 100% of MMA’s shares via a Scheme of Arrangement.
The offer, improved by 10 cents per share values each share at $2.70.
It comes after MMA reported improved earnings following the completion of several projects.
A meeting for shareholders to vote on the scheme is scheduled for July 1 in Perth.
MMA operates a fleet of offshore vessels providing marine and subsea services globally. It has offices in Singapore, Taiwan, Malaysia, Dubai and the United Kingdom.
The improved proposal represents a 15% premium on the closing ASX market price of A$2.35 per MMA share on 22 March 2024 which was the last trading day before the scheme was announced to the ASX.
It represents a 25% premium to the 30-day Volume Weighted Average Price (VWAP) of A$2.16 per MMA share on 22 March 2024; and a 36% premium to the 90-day VWAP of A$1.98 per MMA share on 22 March 2024.
The improved proposal is Cyan’s best and final offer in the absence of a competing proposal.
The Directors of MMA continue to unanimously recommend that MMA shareholders vote in favour of the scheme and all MMA directors intend to vote for the scheme.
TIGA Trading Pty Ltd and its associates (Thorney) have advised MMA that it intends to vote in favour of the scheme which it believes is in the best interest of MMA shareholders.
