Macmahon Holdings has slammed the door on a persistent and "inconsistent" Singapore suitor after spurning the latest offer related to its construction business.
Sembawang Engineers and Constructors yesterday revived its quest to trump Macmahon's $20 million deal with biggest shareholder Leighton Holdings despite declaring as recently as the day before that it had given up.
The contractor, owned by India's Punj Lloyd, gave Macmahon until 5pm today to accept a proposed $25 million offer for its construction assets. The time to deadline was the same as a rejected $38 million deal submitted on Friday for the whole business.
Macmahon said its independent directors dismissed the revised proposal and considered the matter of Sembawang's proposals closed.
Macmahon said Sembawang had failed to provide requested detail about its offers, providing an uncertain financial incentive for shareholders. It cast doubt on whether Sembawang, which has no operational presence in Australia, could obtain necessary consents from clients and joint venture partner Leighton.Sembawang, which has claimed bias toward Leighton, said it couldn't answer the queries until it had completed due diligence.
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