Australia's Decmil Group rises on takeover offer from Macmahon

Decmil

16/04/2024 01:37

** Shares of Decmil Group  DCG.AX  rise as much as 64.7% to
A$0.280, set for their best day since June 2, 2020, if gains
hold 
    ** The engineering and construction services provider says
it has received a binding offer from mining services firm
Macmahon Holdings  MAH.AX  for implied enterprise value of A$127
mln ($81.72 mln) 
    ** Offer price of A$0.30 per share represents a 76.5%
premium to the last closing price of Decmil
    ** Adds that board unanimously recommends that shareholders
vote in favour of offer 
    ** Stock hits highest since Feb 7, 2023 
    ** Decmil shares have fallen ~12.8% this year, as of last
close    
    ** Macmahon stock slips as much as 8.2% to A$0.225, set for
its worst day since Oct 11, if losses hold 

   ($1 = 1.5540 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))