MMA Offshore shares drop as board backs improved Cyan Renewables takeover bid
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The news: MMA Offshore's directors have unanimously recommended that its shareholders vote in favour of a "best and final" takeover offer received from Seraya Partners subsidiary Cyan Renewables.
The numbers: Cyan has increased its bid for the ASX-listed vessels owner by 10 cents per share to a total of $2.70 cash per share.
Perth-based MMA said the improved proposal values the company's equity on a fully diluted basis at around $1.07 billion.
It represents a 15% premium to the closing price of $2.35 per MMA share on the last trading day before the scheme implementation deed was announced.
However, shares in MMA fell 2.42% to $2.62 in early trading on the ASX.
The context: MMA said its directors have unanimously recommended that the company's shareholders vote in favour of the scheme, in the absence of a superior proposal and subject to an independent expert's review.
MMA noted that the offer from Cyan, an offshore vessel portfolio company of Singapore-based infrastructure fund Seraya Partners, also has the support of its major shareholder TIGA Trading and its associates.
The source: ASX announcement
