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Macmahon Holdings Limited (ASX:MAH) has confirmed it has received an unsolicited, non-binding proposal from Singapore based engineering company Sembawang’s wholly owned Australian subsidiary.
The offer pertains to either a portion or all of Macmahon’s construction business.
Macmahon says the proposal, while limited, remains conditional on due diligence being completed by the end of this month.
Macmahon executed an Asset Purchase Agreement (APA) with Leighton Holdings Limited (ASX:LEI) relating to the sale of construction assets prior to Christmas, meaning restrictions apply to Macmahon’s response to competing proposals.
Due diligence provided for Sembawang’s consideration must be issued with prior consent from Leighton according to the APA.
Macmahon Holdings posted a net profit of $56 million in the 2012 financial year.
