Macmahon Holdings has told Singapore contractor Sembawang Engineers and Constructors it cannot respond to a proposed bid for its construction business by a deadline tomorrow.
Sembawang today sent a more detailed proposal to Macmahon to buy the division for $38 million, subject to due diligence, and sought a response by 5pm tomorrow.
Macmahon reiterated that the proposal remained unsolicited, non-binding, incomplete and highly conditional.
"Accordingly Macmahon is not in a position to respond to the latest proposal by the deadline," the company said in a statement to the Australian Securities Exchange.
"In the circumstances, Macmahon's independent directors proposed to request further clarification from Sembawang to make a proper assessment of the merits of the proposals."Macmahon shares closed down two cents, or 7.14 per cent, at 26 cents.