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Macmahon Holdings Limited (ASX:MAH) has denied allegations from its Singapore based suitor and engineering company Sembawang relating to its construction assets.
Sembawang claims Macmahon failed to properly inform the market that an offer had been made on November 26 last year, prior to an MOU signed in December with Leighton Holdings Limited (ASX:LEI).
Macmahon says the only proposal it received from Sembawang was an unsolicited, non-binding and conditional proposal on the January 3.
Sembawang says it has initiated legal proceedings against the company.
Macmahon executed an Asset Purchase Agreement with Leighton, relating to the sale of construction assets, to be considered by shareholders next month.
Macmahon Holdings posted a net profit of $56 million in the 2012 financial year.
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