MMA Offshore shares surge on $1bn Cyan Renewables takeover offer
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The news: Shares in MMA Offshore surged 11% after the ASX-listed vessels owner agreed to a takeover by Seraya Partners subsidiary Cyan Renewables.
The numbers: MMA's board has unanimously recommended Cyan's takeover offer, which would see MMA shareholders receive a cash amount of $2.60 per MMA share.
The deal, which values MMA as approximately $1.03 billion, represents a 31% premium to the company's 90-day volume weighted average share price, and a 91% premium to the its net tangible asset value.
MMA shares were up 11.3% to $2.62 by 1:40pm AEDT. MMA chair Ian Macliver told investors that the company's share price has risen more than 80% over the past five months.
The context: Cyan Renewables is an offshore vessel portfolio company of Seraya Partners, a Singapore-based infrastructure fund focused on energy transition and digital infrastructure.
Perth-based MMA said that through its acquisition, Cyan intends to retain MMA’s workforce and to utilise and expand its expertise, assets and operating model.
What they said: Macliver said: "We have been in discussions with Cyan since October 2023 and the board has now reached the required level of confidence to enter into the scheme implementation deed."
"The MMA board believes that the scheme is in the best interests of shareholders, providing certainty in the form of a cash payment to shareholders while removing the risks associated with operating in a cyclical industry," he said.
The source: ASX announcement
