MARKETS

US company to acquire The MAC

MINING accommodation provider The MAC Services Group is backing a $A651 million takeover of the company by New York-listed Oil States International.

Kristie Batten
US company to acquire The MAC

The Texas-based oil and gas services provider has offered $3.90 per share, a 21.6% premium to The MAC’s 30-day volume-weighted average price.

The MAC has entered into a scheme implementation agreement and all the directors are unanimously supporting the deal.

Marley Holdings, a 52% shareholder in The MAC, intends to support the offer and has granted Oil States an option over a 19.9% stake.

The MAC owns and runs six mining accommodation villages in Australia, and the merged entity will provide accommodation and services to around 11,000 workers.

Oil States intends to keep The MAC’s board to drive the company’s Australian growth.

The MAC has granted Oil States exclusivity and will be liable to pay a $6.5 million break fee if any directors change their recommendation.

The deal is subject to approvals from the Foreign Investment Review Board, The MAC shareholders and courts.

The companies are expecting the deal to be completed by the end of the year.

Shares in The MAC jumped 15% or 51c to $3.86 yesterday.

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