Singapore-based pure offshore wind operator Cyan Renewables has offered to purchase 100% of Perth-based OSV operator MMA Offshore.
Cyan, a subsidiary of Cyan Renewables, has offered to buy the Australian company's shares for A$2.60 ($1.70) per share. The proposed acquisition values MMA's capital on a fully diluted basis at approximately A$1.03 billion ($671.4 million).
The offer price share represents an 11% premium over the March 22 closing price of AUD 2.35 per MMA share and a 91% premium to the company's net tangible assets as of December 31, 2023.
Cyan plans to retain MMA's employees and leverage its assets to further expand its offshore wind support services, as well as continue to provide marine and subsea services to existing customers in the offshore energy and maritime industries.
The MMA board said it would recommend shareholders vote unanimously in favor of the takeover plan if no superior proposal is received at the meeting set to approve the takeover plan. The meeting is scheduled to be held from late June to mid-July 2024.
In order for the acquisition plan to proceed, it must be approved by at least 75% of all votes cast by MMA's shareholders and, unless waived by a court, by a numeric majority of all MMA's shareholders present and voting (in person or by proxy). It won't happen. At the meeting.
The company's board of directors added that the proposed acquisition is in the best interest of MMA shareholders and that each of the company's directors will vote in favor of the sale.
The MMA Board's rationale stems from the fact that the price per share includes a premium to the MMA stock's recent trading price, and the sale of the stock eliminates the risks associated with operating a cyclical industry. .
“Interest in MMA is increasing.” [since our improved earnings increased the share price by] Over 80% in the last 5 months. We have been in discussions with Cyan since October 2023 and the Board has now reached the level of confidence required to enter into a Scheme Implementation Deed. MMA Chairman Ian McLiver said: “Cyan is pursuing an equity investment to create a world-leading energy transition focused marine offshore business, providing exposure to Asia and Australia. It will become.”
This is not the first acquisition that Cyan Renewables has made in 2024. 75% stock He joined offshore support vessel specialist Sentinel Marine earlier this year.
